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Despite the grim prospects for global trade, the domestic rural economy is progressing steadily, with the production of major grains and hogs registering positive trends, according to Wei Baigang, head of the ministry's development and planning department.

Demand for fast-moving consumer goods has fallen sharply in the last five years in China, with the growth rates tapering off from the double-digit levels to 5 percent currently, an indication of the change in growth, demand patterns, according to data from Kantar.

Demand for quality imported goods with specific added value is higher due to maturing consumption patterns and increasing income in third-to fifth-tier cities, as well as growing coverage by convenient, efficient e-commerce channels, according to a report released by consultancy Deloitte, China Chamber of International Commerce and AliResearch, the research arm of Alibaba.

Despite China's slower economic growth rate, this year's report found spending on international travel increased across all age groups. Chinese travelers spent ,600 on average in the last 12 months, more than a quarter of their income, and up from 24 percent of the previous year.

Despite Japan avoiding the large number of COVID-19 cases and deaths seen in other countries across the world, it is now experiencing a third wave with more than 2,000 new cases reported almost every day in the past two weeks.