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The IMF recognized the fast development of China's financial market amid the steady economic growth and referred to it as "a large, dynamic and interconnected financial system."

The IMF official noted that projections for 2021 and beyond assume a strong rebound in private demand, though there are "clouds on the horizon," which could undermine Asia's recovery.

The Malaysian company is nearing its target of selling 93,000 cars this year and expects sales to hit 100,000 units, up around 54 percent from last year. It is now the country's second best-selling carmaker.

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The Kobe Steel crisis marked the latest in a string of recent scandals to hit prominent Japanese companies. They included cases of falsified data at Nissan Motor and Mitsubishi Motors, while airbag maker Takata filed for bankruptcy in June over faulty airbags blamed for several deaths and injuries. Semiconductor conglomerate Toshiba is still struggling to recover from an accounting scandal that began in 2015.

The MOF cited an increase in factory activity, improving services, robust consumption and steady foreign trade.

The Institute for Health Metrics and Evaluation (IHME) at the university also noted in the model that 45,000 lives could be saved if 95 percent of people wear masks, CNN reported.

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The International Monetary Fund raised the forecast late on Tuesday for China's average annual growth for 2018-20 to 6.4 percent from 6.0 percent, predicting that China will see robust economic growth, paving the way for policymakers to accelerate needed reforms and focus more on quality growth.

The Ministry of Finance announced on Tuesday it will extend the preferential corporate income tax policies for certain companies located in West China, maintaining a relatively lower tax rate until the end of 2030.

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The JPC scheme is aimed at developing the youth's leadership and their sense of social responsibility, Acting Chief Superintendent of Police Public Relations Branch Yu Hoi-kwan said, adding that it also instilled positive values in youths and trained them to become future leaders.

The JLL report said in recent years Beijing's office market has benefited from the rapid growth of enterprises that fueled momentum demand. China's policy to support entrepreneurship and innovation has given birth to a range of new concepts such as fintech, internet-plus (adapting the internet to various industry scenarios), and the sharing economy, which has led internet-based companies such as Alibaba Group Holding Ltd and ByteDance Inc to expand their office footprints in Beijing. Moreover, peer-to-peer or P2P finance companies, bike-sharing businesses, and co-working space operators have also experienced explosive growth in the market with large amounts of financing flowing in.