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China's consumer-oriented digital economy will gradually transform into a producer-oriented one, said Bai Chongen, dean of Tsinghua University's School of Economics and Management and a national political adviser, on Wednesday.

China's enterprise bond spreads, especially with high-yield ones, are still above their historical average and should compensate for a gradual rise in the overall rate of credit market defaults under an orderly deleveraging scenario, said Mark Haefele, chief investment officer of UBS Global Wealth Management, in a recent research note.

China's on-demand food delivery and services platforms are playing a critical role in creating jobs, especially part-time jobs for millennials who prefer flexible and freer occupations and likely understand delivery work better than their elders.

China's nonmanufacturing PMI was slashed from 54.1 for the previous month to 29.6 in February, sending last month's composite PMI, which covers manufacturing and nonmanufacturing activities, to 28.9, versus 53.0 in January.

China's economy grew at a faster-than-expected 6.4 percent year-on-year in the first quarter, remaining at the top end of the government's projected growth range for the full year of 6 to 6.5 percent, official data show.