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China's financial sector has also made a landmark move as Bank of Beijing agreed to set up a joint venture with ING Bank NV, a wholly owned subsidiary of Dutch multinational banking and financial services provider ING Group in late March, with the latter as the controlling shareholder.

China's first-tier cities have already seen average prices for pet boarding services increase by nearly 50 percent for the Spring Festival season.

China's crackdown on shadow banking since the end of 2016 has reduced credit availability for private and small companies, although it contained financial systemic risk to some extent, said Xu.

China's competitive advantage in the global supply chain has not been shaken by the novel coronavirus outbreak and the country will remain a hot spot for foreign investment, commerce officials said on Friday.

China's official Purchasing Managers' Index for the manufacturing sector came in at 50.9 in June, up from 50.6 in May, with the non-manufacturing PMI rising to 54.4 from 53.6 in May, showing better-than-expected indicators compared to high-frequency data.