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And 124,244 people had to be evacuated to safe areas because of disasters when more than 1,860 houses collapsed and 83,122 hectares of crop lands were flooded.

Analysts say that after the yuan exchange rate against the dollar hit a six-year low level in December, the yuan's performance against the greenback has been steady after the US currency lost its upward momentum.

Analysts said the survey results show that the Chinese economy remains on track, although policymakers should closely monitor the adverse effect of credit contraction on small enterprises. The Caixin/Markit Services Purchasing Managers' Index (PMI) stood at 52.9 in May, unchanged from April. The composite index, which combines both manufacturing and services PMI, was 52.3 last month, also unchanged from April. A reading above 50 indicates growth.

And on Wednesday, US Secretary of State Mike Pompeo told reporters he hopes the UK government will reconsider and adopt a full ban on Huawei.

Anderson