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Monetary authorities, however, may tolerate a higher leverage level, or the debt-to-GDP ratio, to ensure that the earlier economic recovery can be sustained for a longer period, especially when domestic consumption is yet to gather speed, said experts.

Ministry spokesman Gao Feng said: "To further boost China-ASEAN cooperation is of great significance to regional economic integration, stability and development … and China is willing to work with all parties to this end."

Minister of Agriculture and Agri-Food Lawrence MacAulay was to become the minister of the veterans affairs and associate minister of national defense. Minister of International Development Marie-Claude Bibeau will take over the agriculture post. Maryam Monsef was named the international development minister while retaining her role as minister for women and gender equality.

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Mike Ryan, head of the WHO Emergencies Programme, told a virtual news briefing on Thursday that the United States, Brazil and India are "powerful, able, democratic countries who have tremendous internal capacities to deal with this disease".

Modern trade which includes hypermarkets, supermarkets, and convenience stores grew by 1.1 percent, 1.2 percentage points lower than in 2018, with hypermarkets and large supermarkets leading the slowdown in growth.

Moderna's early-stage human trial for a coronavirus vaccine produced antibodies in all 45 participants, the biotech company said Monday.

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Michael Liu, president of BMW China Automotive Trading Ltd, said: "The customers of the 3 million BMW cars are the foundation. Only with them can we realize the future development.

Models show creations from Grace Chen's couture collection at the third annual China Fashion presented by the China Institute and Yue-Sai Kan China Beauty Charity Fund at the Plaza Hotel in New York City on May 4. [Photo provided to China Daily]

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Millennials have been the key consumer target group for almost every luxury brand over the past two to three years. The report found that total spending on luxury goods was on average higher among millennials aged between 26 and 35 over the past 12 months in China.

Mnangagwa said the Zimbabwean government is committed to further strengthening traditional friendship with China.