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China's online retail sales surged 34 percent year-on-year to 5.54 trillion yuan in the first 10 months of this year, surpassing the 10.3 percent increase in overall sales of consumer goods, official data showed on Tuesday.

China's inflation will pick up but stay benign this year, with 2.4-percent growth in the CPI and 3.4-percent growth in the PPI, according to the research note.

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 continued and incrementally growing investment in Africa has made it the continent's biggest trade partner, with experts estimating around 10,000 Chinese firms are currently operating throughout the continent and more than one million Chinese nationals in residence.

China's manufacturing purchasing managers' index stood at 52 in March — up 16.3 percentage points from the previous month — showing significant positive changes in production and business operations month-over-month.