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And from July 30, it will also lift restrictions on the exploration and development of energy resources by Chinese-foreign equity joint ventures as well as non-equity JVs.

And the Department of Transportation has imposed a passenger capacity limit and a one-seat-apart policy in all forms of public transport including trains, taxis and buses.

And even as the region is gradually lifting lockdown measures, industry players expect consumers to continue to use mobile payment options.

Analysts hold there is room for further tax reductions through measures such as lowering corporate income tax and expanding the scope of expense reductions for enterprises. Currently, China has three brackets for value-added taxes at the ratios of 17 percent, 11 percent and 6 percent respectively. The country can reduce the three brackets into two in the future, analysts suggest.

Analysts said demand for gold jewelry in China has been driving the global gold industry for long. "Demand for gold jewelry had bottomed out in 2016 after a strong price recovery curbed jewelry spending that year, amid world economic growth challenges and weaker consumer sentiment," said Zhu Yi, senior analyst of metals and mining at Bloomberg Intelligence.