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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 economic growth is projected to decline to 2.3 percent in the baseline or most likely scenario and to 0.1 percent in a worse-case scenario in 2020, down from 6.1 percent in 2019, the World Bank said in the updated economic report for the East Asia and Pacific region issued on Tuesday.

China's first e-commerce law took effect on Jan. 1. It bans vendors from unscrupulous practices like deleting shopper reviews, and cancelling orders.

China's economy is expected to grow at 6.1 percent this year, 0.1 percentage point lower than the July prediction, while the US economy will grow 2.4 percent in 2019, down by 0.2 percentage points compared with the IMF's July forecast.

China's e-commerce market has given birth to billionaires. Now, with the annual Singles Day global shopping festival just around the corner on Monday, more foreigners are joining the online gold rush. They want to sell products not only in China but in their own countries.