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As China continues to crack down on shadow banking activities and clean up hidden local government debt, the overall leverage ratio will stabilize and trend down gradually, Liu said.

Ardern made her first public appearance on Sunday since giving birth to her daughter on Thursday.

Apple, in partnership with Tmall and JD, has cut prices of its latest iPhones in China ahead of a major annual online shopping festival called 6.18.

Apple also faces challenges from domestic smartphone makers in China such as Huawei and Xiaomi, which have grabbed more market share.

As China is among the quickest to flatten the virus curve and is expected to see early signs of economic recovery, the company has pledged to help export enterprises navigate the domestic market, recruiting them as suppliers for Tmall Supermarket and Taobao Xinxuan (a private-label goods market).