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As China's economy is transforming from a phase of rapid development to a new stage of high-quality growth, consumption is playing an increasingly important role amid the pressure of an economic growth downturn.

As Daniel Blumenthal, director of Asian studies at the American Enterprise Institute, wrote this month: "For its smaller, less developed recipients, (the Belt and Road Initiative) is still large in scope. What might be economically insignificant for the US still has large geopolitical payoffs for China."

As COVID-19 continues to sweep across the country, more and more states and local officials have closed non-essential businesses and ordered residents to stay home in a bid to slow the spread of the virus, effectively shutting down a significant part of the economy.

As China moves to the forefront of fifth-generation or 5G mobile communication technology, 6.3 trillion yuan (5 billion) of economic output and 8 million jobs will be created by 2030, a telecom academy said.

Apple futures contracts were listed on the Zhengzhou Commodity Exchange in late 2017, while Chinese jujube futures contracts were listed on the exchange on April 30 this year as part of the country's ongoing efforts to leverage capital markets to alleviate poverty.