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"Despite the impact of the novel coronavirus outbreak on consumer loans and credit cards in the short run, we estimate that as the outbreak is effectively contained step by step, the consumer finance market still has tremendous potential, especially because of consumption upgrading and consumption quality enhancement," Ji said at a news conference.

"Departments at all levels should cooperate to crack down on the illegal wildlife trade and make full use of the public reporting platform. The public should be notified of those major or typical cases in a timely manner," said the announcement.

"European market is maturer and more competitive. European consumers know exactly what they need and have high standards for smartphone brands. Even though we know we are facing more intense competition here, we will try our best to meet the needs of consumers through unremitting innovation," he added.

"Economic recovery should continue, following the recent rebound in the second quarter. Domestic consumption will likely improve further with continued policy support and the normalization of economic activity," said Wang Tao, chief China economist at Swiss bank UBS.

"Due to rising protectionism, trade tension and economic uncertainty, the global economy is forecast to face strong headwinds and an overall downward trajectory," she added.