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China's economic recovery has picked up steam in the wake of the COVID-19 pandemic, with the nation's GDP expanding 4.9 percent year-on-year in the third quarter of 2020. The International Monetary Fund forecasts that China will be the only major economy to see growth this year.

China's foreign exchange reserve will basically remain stable given the stabilizing economic growth prospect and the stable foreign exchange rate, the central bank said on Friday.Zhou Xiaochuan, governor of the People's Bank of China, said the country's foreign exchange reserve has been affected by international asset prices but there have not been any major changes in China's balance of international payments.The country saw its foreign exchange reserve drop to the level of trillion in January of last year and then it increased continuously over the past 12 months, according to Pan Gongsheng, vice-governor of the central bank and the head of the State Administration of Foreign Exchange.Pan said China's economic fundamental and foreign exchange rate will stay relatively stable and the country's foreign exchange reserve will also remain basically stable.

China's latest campaign against gang-related crimes will prioritize targeting officials who serve as "protective umbrellas" and gangsters at the grassroots level, which experts said will play a key role in consolidating the country's political power particularly at the local level.

China's foreign exchange reserves rose for the 12th straight month to reach .2 trillion at the end of January.

China's commitment to increase the installed capacity of wind and solar power to more than 1,200 gigawatts by 2030 and boost the share of non-fossil fuels in primary energy consumption to around 25 percent by the same period is testimony to its firm resolve for green development, said experts.