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"Crucially, consumer spending is catching up after a slow start and complementing what has been an industrial-led recovery," the report commented, foreseeing retail spending to get a boost from the Singles' Day shopping festival, which fell on Nov 11.

"China's social and economic reforms have transformed and reshaped the industrial, commercial, and regulatory landscapes of its developing non-Tier-1 cities," he said.

"China's capital market is now not mature enough to shoulder such a responsibility, making accelerated capital market reform and opening-up imperative," Hong said.

"Consequences for violating these sanctions will remain in place" until the final and fully verified denuclearization of the DPRK is achieved, said Treasury Secretary Steven Mnuchin.

"China's quick victory" over the COVID-19 pandemic "put the Chinese economy in a better situation than the rest of the world," said William Jones, Washington bureau chief of the US publication Executive Intelligence Review, adding that by maintaining its productive capability, China will not only benefit its own economy once the pent-up demand is released post-pandemic, but also provide "a lifeline" for countries that have "maintained the production lines in China."