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China's currency is convertible for trade purposes under the current account, while the capital account, which covers portfolio investment and borrowing, is largely run by the state in an effort to control capital flows in and out of the country.

China's improving industrial profits in April, bolstered mainly by high profit margins in the steel, chemical and auto industries, show that the world's second-largest economy remains resilient, analysts said.

China's investment in 5G infrastructure has witnessed an unprecedented growth with bulk of the efforts being trained at creating new infrastructure that will lend "innovative but strong" impetus for local economic growth, experts said.

China's economy expanded slower in 2019, as GDP growth fell from 6.4 percent year-on-year in the first quarter to 6 percent in the third, while it registered 6.6 percent annual growth in 2018.

China's import and export firms also saw the number of items requiring customs declarations dwindle to 105, down from 229 in the past.