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Consumption growth of the country is expected to rebound to about 13 percent year-on-year in 2021, with offline consumption such as catering being a major force of consumption recovery, according to a report released by the Shanghai-based State-owned commercial bank on Thursday.

Corn reserves are being consumed at a rapid pace, and the purchase prices for corn in northeastern and northern regions have soared by 30 percent compared to the beginning of this year.

Continued rebound prompts economists to raise forecast on China's GDP growth

Construction began in July 2014 as one of the key projects in China's medium and long-term railway network plan. The country's railway network is expected to hit 175,000 km by 2025, up significantly from 127,000 km of operating track last year.

Coolio Yang, chief executive officer of consultancy Kantar's media division in China, pointed to the cultural significance behind the move. He said the so-called "half-acquaintance society" of China has given rise to the likes of Pinduoduo and WeChat-based commerce, both of which rely heavily on word-of-mouth and interpersonal recommendations.