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Chen Yuyu, an economics professor at Peking University's Guanghua School of Management, said the second quarter's improved indicators signal that China is bouncing back from the downturn.

Chen Tao, an analyst with the internet consultancy Analysys in Beijing, said, "E-commerce platforms hope to seize the opportunities emerging from the consumption upgrades of Chinese shoppers."

Chen Zikun, an analyst at GF Securities, expects the Ministry of Industry and Information Technology to set a percentage in a period of time for fossil fuel cars to exit gradually and it won't be a mandatory requirement.

Chengdu Two Lions Trading Co Ltd, a dealer for an Italian winery in Chengdu, Sichuan province, said in the past three years, the company saw its sales revenue in China increase by 20 percent annually. Its main consumers are those aged between 25 and 40.

China Baowu Steel Group, the largest steel producer in China, said it will cut 1 million tons of output in the first quarter of this year.