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Around 1,500 teachers and students of a high school in South China's Hainan perform bamboo dance together on April 9, 2017. The dance is a traditional performance of Li ethnic group in the island province. [Photo/VCG]

As Chinese currency is not freely convertible under the capital account, the central bank has to purchase foreign currency generated by trade surplus and foreign investment in the country, adding funds to the money market.

As China's economy moves to higher-value-added products, and because workers' wages have risen rapidly over the past 10 years, many low-wage manufacturers - especially in the textile and garment industries - are considering moving production to Africa.

As China implements pro-growth policies, the fundamentals of the financial sector will gradually improve, supporting the stable growth of banks, especially large-scale ones, said Tang Shengbo, head of China financial research for Nomura, a financial service firm.

Around 40 fire-related incidents involving new energy vehicles were recorded in China and 135,700 units were recalled last year, according to the State Administration for Market Regulation.