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China's national weather observatory issued a yellow alert, the second-lowest in a four-tier weather warning system, on Monday for the seventh consecutive day of high temperatures in the northern part of the country. But it lifted a blue alert, the lowest in the warning system, which was issued late on Sunday for rain in the south.

China's investment in fixed assets rose 8.9 percent year on year in the first four months of 2017, down from 9.2 percent in the first quarter, data from the National Bureau of Statistics showed.

China's economic and market fundamentals, as well as policies－including proactive fiscal policy and prudent monetary policy this year, will help support a stable foreign exchange market, Wang said.

China's economic output in the fourth quarter of 2020 is on track to be higher than Capital Economics' forecast a year ago and the economic output would remain above trend for much of 2021, according to the note.

China's contribution to global growth averaged about 30 percent annually from 2013 to 2016, larger than that of the United States, the eurozone and Japan combined, Ning added.