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China's trade in services reached a record high of 2.98 trillion yuan (6 billion) between January and July, which was bolstered by the nation's economic resilience and increasing efforts to drive the service sector.

China, the world's second largest oil consumer and largest oil importer, imported 440 million tons of crude oil in 2018, a year-on-year increase of 11 percent, with its foreign oil dependency ratio reaching 69.8 percent, according to China National Petroleum Corp's Economics and Technology Research Institute.

China's vehicle sales forecast for 2020 was cut by credit ratings agency Moody's last week, as the coronavirus outbreak continues to reduce demand and disrupt automotive supply chains.

China's recent announcement on changes to the existing residency registration system, or hukou, will support a more stable development of mid-sized cities in the country, as well as the housing market, said research from Fitch Ratings, a leading global rating agency.

Chinese New Year, also known as Spring Festival, is the grandest celebration in China, with a seven-day holiday. As the most colorful annual event, the traditional Chinese New Year lasts longer, up to two weeks, and the climax arrives around Chinese New Year's Eve, with iconic red lanterns, loud fireworks, family banquets and parades.