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China's average individual disposable income declined by 3.9 percent during the first quarter, more resilient than the 6.8-percent contraction in GDP, according to the NBS.

China's central bank pledged in its first-quarter monetary policy report that it will step up counter-cyclical adjustments to support the real economy, make the prudent monetary policy more flexible and appropriate, and continue to deepen the reforms of the market-oriented interest rate and the yuan exchange rate formation system.

China will forge ahead with all-around opening-up in the financial industry and create a fair environment for competition, ushering more global participants into banking, insurance, securities, asset management and other sectors, Vice-Premier Liu He said on Wednesday.

China will continue to treat domestic and foreign-funded enterprises equally, constantly optimize the business environment, encourage fair competition and cooperation, and achieve mutual benefit and win-win results, Li said.

China's alcohol industry has been recovering since last September, stimulating the surge for Moutai. Wang Ying, an analyst at Hua Chuang Securities, said in a report that Moutai's daily wholesale volume had reached 40 metric tons on average, which had declined since the same time last year in an effort to control wholesale volumes.