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The Caixin services Purchasing Managers' Index reached a four-month high of 52.9 in May, indicating stable economy and strong corporate confidence in the world's second-largest economy.

The Chinese government is exploring new development models for big cities, diversifying their functions and easing their burdens, which will solve environmental issues, promote development of surrounding areas and provide references for other developing countries, Lins said.

The China steel price index, issued by the CISA, stood at 100.55 points for Feb 17 to 21, the lowest since early 2019, without an observed start of trading recovery. The figure was respectively down 1.4 points, 4.93 points and 3.31 points from the previous month, and the week before and after the Spring Festival.

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The Chinese company said its display panels have already been delivered to more than 10 smartphone manufacturers including Huawei Technologies Co Ltd, Oppo Electronics Corp, Vivo Mobile Communication Technology Co, Xiaomi Inc, ZTE Corp and Nubia Technology Co Ltd.

The China-Europe freight train for cross-border e-commerce waits to depart from Zhengzhou, capital of Central China's Henan province, March 2, 2019. [Photo/Xinhua]

The Chinese e-commerce giant also posted guidance for the first quarter of 2020, expecting the net revenues to grow at least 10 percent compared with the first quarter of 2019.

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The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, closed 2.98 percent lower at 1592.51 points.

The Changzhou Intermediate People's Court in Jiangsu province made the ruling on Tuesday. The court said Xiang abused his power while serving in several positions from 2005 to 2017, including vice-governor of the People's Bank of China, Party secretary and head of the Agricultural Bank of China, as well as Party secretary and chairman of the China Insurance Regulatory Commission.

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The Caixin General Services Purchasing Managers Index (PMI) rebounded to 51.2 in October from 50.6 in September, according to the survey conducted by financial information service provider Markit and sponsored by Caixin Media Co Ltd.

The Chinese mainland has become an important market for the company's sustainable development, according to Huang.