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Robin Xing, chief China economist at Morgan Stanley, said that private consumption could emerge as the key growth driver in the coming months, with a release of excess savings of Chinese residents and the overall recovery of domestic job market.

Ruan Jianhong, head of the PBOC's statistics and analysis department, said during a media conference last week: "The situation that we are facing right now is special, and the rebound of the macro leverage ratio is a result of the macro policies that lent support for the epidemic prevention and control and the subsequent economic recovery. We should allow the macro leverage ratio to rise for a certain period, along with the expansion of credit to support the real economy."

Ring, acquired by Amazon for more than billion in 2018, has also been in the spotlight for a series of incidents in which hackers were able to access home cameras by taking advantage of customers’ insecure passwords. Ring responded to those incidents by encouraging customers to strengthen their passwords and take advantage of its option for two-factor authentication.

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Results of the Caixin PMI, which surveys about 500 smaller private companies, especially in China's eastern coastal areas, are in line with the June PMI reading released by the National Bureau of Statistics, which surveyed about 3,000 larger enterprises in various industries, including State-owned companies. The NBS survey set June manufacturing PMI at 51.7, up from 51.2 the previous month.

Rivals Toyota Motor Corp and Honda Motor Co both raised their annual profit forecast, partly lifted by a declining yen.

Revenues of in-store, hotel and travel businesses decreased by 31.1 percent year-on-year to 3.1 billion yuan.

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Response offers lessons as fresh wave hits places such as Europe, experts say

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Reuters reported this month that Chinese officials were planning to accelerate the development of the domestic chip market, spooked by trade tensions and US sanctions on ZTE Corp, a local telecoms equipment firm, that has underscored China's heavy reliance on imported chips.

Running from June 24 to 27, the fair will be held in Guangzhou, capital of South China's Guangdong province, hosted by the Ministry of Industry and Information Technology, the State Administration for Market Regulation and the People's Government of Guangdong Province.