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China's management of its economy is also making Pearce more comfortable. He recently allowed his money managers to invest in Chinese mainland equities directly for the first time in the firm's history.

China's meteorological authorities said on Tuesday that Yongxing county, where the incident took place, is expected to undergo continuous rainy weather in the coming days, with middle and heavy rain forecast between April 2 and 4, and precautions should be taken against geological disasters.

China's gross domestic product (GDP) expanded 3.2 percent year-on-year in the second quarter of 2020, data from the Chinese National Bureau of Statistics showed.

China's manufacturing sector resumed its expansion in June, according to a key private survey, which analysts say tends to confirm stabilization in the world's second-largest economy despite some domestic financial tightening and unstable markets abroad.

China's drop in nonfood inflation indicates a slow recovery in demand from the COVID-19 pandemic, underscoring the need for Beijing to ramp up efforts to bolster domestic demand, analysts said on Monday.