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China's nonmanufacturing PMI was slashed from 54.1 for the previous month to 29.6 in February, sending last month's composite PMI, which covers manufacturing and nonmanufacturing activities, to 28.9, versus 53.0 in January.

China's economic and technological strength, and its composite national strength will rise significantly by 2035, and it will also make major progress in developing core technologies in key areas and become a global leader in innovation, according to a communique released after the four-day Fifth Plenary Session of the 19th Central Committee of the Communist Party of China.

China's economic recovery continued at a solid pace in April and May, indicated by the strong industrial output and investment growth. The government has launched a strong policy stimulus to mitigate the economic damage of COVID-19, through measures such as increasing the fiscal deficit and boosting the issuance of government bonds.

China's first new foreign investment law in decades, considered one of the most important legislative items at this year's gatherings of the National People's Congress and the Chinese People's Political Consultative Conference in Beijing, is likely to be passed later this week.

China's internet and technology sector will continue to be a hot draw among private equity investors, though the value and number of deals may slide in 2017 due to high valuations in the past, according to global consultancy Bain & Company.