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The Cboe Volatility index, widely considered the best fear gauge in the stock market, rose 18.03 percent to 24.48 in morning session on Thursday.

The Caixin/Markit PMI for manufacturing activity, released on Wednesday, stood at 49.7, compared with 50.2 in November, the first time it has slipped into contraction territory since May 2017.

The Chinese A-share market regained confidence on Monday as trade tensions between China and the United States eased, and the momentum is expected to continue, experts said.

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The China International Capital Corp raised its forecast for China's 2018 real GDP growth to 6.9 percent year-on-year, compared with the current consensus forecast of 6.4 percent, according to a report from the company.

The Cabinet also vowed to boost investment from private businesses and SMEs, saying that businesses will be incentivized to increase investment in technology upgrades and improve productivity.

The Chinese auto market as a whole has returned to positive growth starting in April, with auto sales increasing 4.4 percent and 14.5 percent year-on-year respectively, according to the China Association of Automobile Manufacturers.

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The China Academy of Aerospace Aerodynamics is the country's largest exporter of military drones. Its CH series have been sold to militaries in more than 10 countries, making it the largest military drone family the country has exported, according to the academy.

The Chinese government has strongly criticized the downgrade, saying it was based on "inappropriate methodology", which exaggerated difficulties facing the economy and underestimated the government's reform efforts.

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The Chilean Cherry Committee of the Chilean Fruit Exporters Association (ASOEX) was on Jan 10 awarded a Guinness World Records title for constructing the world's longest line of fruits at the Shanghai Port International Cruise Terminal.

The Chinese government is determined to resume production and provide impetus to the economy's recovery, Liu noted.