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China's new yuan loans increased faster than expected in November, up by 1.39 trillion yuan (7.2 billion), mainly driven by the expansion of corporate and long-term household debt, as per the central bank data released on late Tuesday.

China's economy is one of the fastest growing economies in the world, with recorded growth of 6.7 percent in 2016, compared to 1.6 percent of the US, according to the IMF's Economic outlook. A new study by PricewaterhouseCoopers says China is projected to overtake the US as the world's largest economy by 2050, India will rank second, while the US will slip to third. This trend is intensifying the trade competition between China and the US. While the West views Africa as a trouble spot of instability and a source of illegal immigrants, China eyes Africa as an economic partner.

China's economy shows a "broadening recovery" as gauges of the manufacturing and nonmanufacturing activity climbed to their highest levels in three and eight years respectively, the Wall Street Journal reported.

China's economy has accelerated steps for recovery as epidemic containment efforts bear fruit. The purchasing managers' index rebounded to 52 for March, returning to expansion territory and up from 35.7 in February.

China's foreign exchange reserves slipped to .125 trillion at the end of April, down by about billion or 0.57 percent from March, officials announced on Monday.