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China's e-commerce behemoth JD.com denied the "mass layoff" rumor on Tuesday and claimed it had reported the case to the police.

China's modest 2020 military budget growth is "reasonable and necessary" to address security issues both at home and abroad, while striking a balance with the nation's economic development, senior colonel Wu Qian, spokesman of the Ministry of National Defense, said on Tuesday.

China's national legislature on Friday passed the foreign investment law, which will become effective on Jan 1, 2020. The law aims to improve the transparency of foreign investment policies and ensure domestic and foreign enterprises are subject to a unified set of rules and compete on a level playing field, according to an explanatory document.

China's foreign trade of goods climbed to 12.1 trillion yuan (.76 trillion) in the first five months, up 4.1 percent year-on-year, data from the General Administration of Customs (GAC) showed.

China's focus on new infrastructure projects to offset the economic impact of COVID-19 will also inject new momentum into sustainable growth of the steel industry, Chen said, citing statistics from the Ministry of Finance that local governments in China had issued new bonds worth 1.02 trillion yuan (0 billion) for special infrastructure projects as of March 20.