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Aside from dampening demand from the impacts of the epidemic, the recent rout in the international oil market, which incurred shocks to related industrial sectors, was another key driver for the price deflation.

At Shell, we are already a willing and able player in energy transition. We have invested billions of dollars in a range of low-carbon technologies, such as biofuels, CCS (carbon capture and storage), hydrogen and wind power.

At a State Council's executive meeting Wednesday, authorities vowed to further promote a new kind of urbanization, with efforts to improve public facilities and services, push forward the renovation of old urban residential communities, and build environmental protection facilities and public parking lots.

At a news conference Wednesday, Powell said the central bank is "fully committed to pursuing our goals of maximum employment and stable prices". He stressed that it will "act as appropriate to sustain the expansion" of the nation's economy.

At least 42 fatalities have been confirmed so far, a tally that ranks as the most ever from a single northern California wildfire - surpassing the 25 lives lost in the 1991 Oakland Hills firestorm - and ties the all-time statewide record set in 1933 by the Griffith Park blaze in Los Angeles.