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"Cost reduction measures are an important part of the country's supply-side structural reform and will help effectively raise the vitality of the corporate sector," Pan Jiancheng, an official of the National Bureau of Statistics, told Xinhua.

"China's retail sales of consumer goods surged 9.8 percent year-on-year in June, especially driven by the rapid growing online sales and this year's June 18 retail festival," Mao said at a news briefing held on Monday in Beijing. "And we've witnessed fast growth in online sales of cosmetics and home appliances."

"Consumer habits have rapidly changed and internet-based industries and companies have expanded in recent years", he said, adding Epson sees a huge potential for growth in third- and fourth-tier cities of China.

"Cooperation grants SMEs a shared future and gives each party more insight for business growth," said He, adding that their development will contribute to a global economic boom.

"Companies in China have not only reported the greatest success so far in recouping output lost to COVID-19, but also anticipate making the fastest full recovery," said Chris Williamson, an economist at IHS Markit.