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China's deleveraging campaign may halt due to the COVID-19 outbreak, as local governments will need to raise more debt to plug financing shortfalls due to the higher spending on infrastructure construction.

China's crude steel output for this year is expected to be 1.050 billion tons, while it will be 1.065 billion tons next year. Crude steel output in the country is set to grow by 5.4 percent this year on an annualized basis and by 1.4 percent in 2021.

China's fiscal policy could be more proactive in supporting investments in the second half this year, said analysts, as the economy looks to strike a balance between growth and stability.

China's direct investment in the continent has increased significantly. The ministry's statistics showed that in the first quarter, non-financial outbound direct investment from China to Africa reached 0 million, up 64 percent from last year.

China's direct investment in BRI-related countries grew by 5.2 percent annually on average to surpass billion between 2013 and 2018, Song Lihong, an official in the Ministry of Commerce's Comprehensive Department, said at a news conference.