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China has realized "the most rapid large-scale poverty reduction in human history over the last 25 years," said a 2016 World Bank document, which was released after the World Bank's one-year research of worldwide poverty reduction efforts in partnership with the Chinese government.

China is expected to see an uptick in travel during the five-day May Day holiday as the coronavirus outbreak has leveled off across the country.

China has set an ambitious goal for a third of new cars sold in 2020 to have connectivity and self-driving features in an effort to fuel fast-evolving changes in the automotive industry.

China has strengthened financial regulation to prevent risky and irregular financial activities from incurring systemic financial risks, leading to credit contraction that has affected the corporate sector's access to bank loans.

China is estimated to have about 140 million families - around 400 million people - with annual incomes of 100,000 to 500,000 yuan that can afford cars, housing and travel, the NBS' Ning said. Consumption potential can be further unleashed by increasing residential incomes and improving product quality to build a strong domestic market, he said.