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Despite the market enjoying a positive run in the past few years, this year has been harsh and challenging for the industry. Though there were logistics issues due to the epidemic, online sales channels were able to cover most of the volume losses in the on-trade, said Keeling.

Deleveraging efforts may slacken a bit this year due to credit support that has become necessary to offset the negative impact of the novel coronavirus outbreak on China's economic growth, officials and experts said on Thursday.

Despite being the largest flotation in the world since Postal Savings Bank of China's HK.6 billion offering in 2016, the blockbuster IPO turned out to be the least sought-after in recent months, only attracting 45,800 retail investors.

Delivery workers hand packages to residents through the gate of a community area as undelivered packages remain piled up at the gate in Chaoyang district of Beijing March 1, 2020. [Photo by Zou Hong/chinadaily.com.cn]

Despite favorable signs, natural disasters such as drought and flooding, which have seriously affected many areas, pose obstacles for a good fall harvest, which usually accounts for about 75 percent of the total grain production in China, Wei said.