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China's holding of US Treasuries climbed to a 11-month high of .17 trillion in July, marking the sixth consecutive month of growth, along with the expansion of the foreign exchange reserve and a strengthened renminbi.

China's focus on new infrastructure projects to offset the economic impact of COVID-19 will also inject new momentum into sustainable growth of the steel industry, Chen said, citing statistics from the Ministry of Finance that local governments in China had issued new bonds worth 1.02 trillion yuan (0 billion) for special infrastructure projects as of March 20.

China's gross domestic product grew 6.9 percent in the second quarter, flat with the first quarter and above the government's annual target of around 6.5 percent. The country will release economic figures for the third quarter Thursday.

China's economy grew by 3.2 percent year-on-year in the second quarter of the year, versus a 6.8 percent contraction in the first quarter, driven by a number of improving economic indicators, the National Bureau of Statistics said on Thursday.

China's e-commerce platforms have announced their promotional policies before the annual shopping spree on Nov 11, known as "Singles Day".