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China's economy will likely grow at 1.2 percent this year and rebound strongly to 9.2 percent in 2021, the International Monetary Fund predicted Tuesday, as it said the COVID-19 would precipitate global growth into the deepest recession since 1930s but a recovery of 5.8 percent is expected if the pandemic fades.

China's increasing financial liberalization has also seen major outlays in Shanghai by United States investment banks JP Morgan and Morgan Stanley, along with other key institutions such as Blackrock, the global investment company.

China's foreign trade with the Association of Southeast Asian Nations, its largest trading partner, jumped 7 percent year-on-year to 2.93 trillion yuan during the eight-month period, while its trade volume with the European Union, its second-largest trading partner, grew 1.4 percent on a yearly basis to 2.81 trillion yuan.

China's grid operators vow to further increase their utilization of renewable energy through greater cross-regional trade of new-energy electricity and technological innovation, after making major strides in clean power last year.

China's digital economy reached 16 trillion yuan (.3 trillion) in the first six months of 2018, accounting for 38.2 percent of the country's overall GDP growth, according to the China Academy of Information and Communications Technology.