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And the non-life insurance sector is expected to see slower growth this year, probably close to 10 percent, according to Xing. Liability insurance and agriculture insurance will be very important drivers for the non-life insurance sector in the coming years, he added.

Analysts said the application of the loan prime rate introduced by the central bank will possibly bring down home purchase costs.

Analysts from China International Capital Corporation Ltd wrote in a report that companies with their business focused on upgraded consumption and new economy are likely to show strong performance in the mid- to long-term.

And Shanghai, as a shipping center among 43 international ones, rose to third place on the list of 2020 Xinhua-Baltics International Shipping Centers Development Index for the first time, following London and Singapore.

An unsupervised flower shop operated by a college student in Beijing is attracting many young customers, Chinese media reported.