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Democratic National Committee Chairman Tom Perez speaks to the crowd before the start of the Democratic 2020 US presidential candidates debate in Manchester, New Hampshire, US, Feb 7, 2020. [Photo/Agencies]

Demand for the sovereign notes climbed to 11 times of the offering size on Thursday. The strong demand allowed pricing of the billion in bonds to go under initial guidance, meaning China could raise funds at lower cost.

Despite a still-high headline leverage ratio, the weight of debt is shifting between different sectors, which indicates the improvement of the credit structure and an easing of financial risks, said the report.

Demonstrations against police brutality also were held in Los Angeles and Philadelphia.

Delayed payments by governments or SOEs to private, small enterprises had negative impacts on cash flows and operations, Xin said. Clearance of such payments demonstrates the central government's support for the development of the private sector and its intent to create a good business environment, he said.