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China's financial regulators started a de-risking and deleveraging campaign in mid-2017, and formed a basic "action plan" in 2018, focusing on controlling the macro leverage level, the overall debt-to-GDP ratio and shadow banking activities.

China's fiscal deficit increased from 2.18 trillion yuan in 2016 to 2.76 trillion yuan in 2019. This year, it was raised to 3.76 trillion yuan to mitigate the negative effects of the COVID-19 pandemic. The fiscal deficit ratio has risen to 3.6 percent of GDP this year, the highest level since the founding of the People's Republic of China in 1949, according to the ministry.

China's first domestically manufactured cruise liner will be delivered in 2023, followed by a delivery rate of one vessel per year between 2024 and 2028, said a senior executive from one of the companies involved in the China-built cruise project.

China's new "dual-circulation" development pattern marks a major move for development for the coming years and is expected to be enshrined into the framework of the upcoming 14th Five-Year Plan (2021-25), said economists and experts.

China's economic growth is within a reasonable range, but faces downward pressure, Cheng said. Greater tax reduction measures and administrative streamlining have been introduced to boost market vitality.