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China's economy expanded 6.9 percent in the first quarter of the year, up from the 6.8-percent growth in the previous quarter and 6.7 percent for 2016. The government has targeted annual growth of around 6.5 percent for 2017.

China's economy will maintain its strong resilience, and the government has sufficient policy tools to keep growth stable despite the fallout of the novel coronavirus outbreak, said a central bank vice governor.

China's oil giants, especially those with major business in upstream sectors including China National Petroleum Corp and China National Offshore Oil Corp, will suffer if oil prices remain at depressed levels throughout the year, said an industry expert.

China's large number of skilled workers, low labor costs and preferential policies have helped boost its export sector. In 2006, the ratio of China's exports and imports to GDP reached a peak of 64 percent. By 2013, China had become the world's largest exporter and, through expanding foreign trade and related industries, the country's income levels have also risen significantly and people's living standards have greatly improved.

China's information technology sector is developing rapidly. The country's information services sector saw a 76.4-percent annual growth in 2017, official data showed.