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"Combining 5G, the foldable screen, artificial intelligence and a brand-new interface, we hope that Mate X will be the first key for consumers to open the door to 5G smart living," he said.

"Countries are understandably eager to open up their societies and their economies. But the virus is still spreading fast. It is still deadly and most people are still susceptible," he said.

"China's long-term trends of moving toward a more consumption-oriented economy of rising services share in the overall economy and technological upgrade should continue as well," global financial services company UBS said in a research note on Monday.

"China's current account is now broadly in line with fundamentals," said Gita Gopinath, an economist at the IMF. "The (current account surplus) decline reflected a combination of structural factors and expansionary credit and fiscal policies, but also greater exchange rate flexibility and the associated real appreciation over the last decade."

"Crucially, consumer spending is catching up after a slow start and complementing what has been an industrial-led recovery," the report commented, foreseeing retail spending to get a boost from the Singles' Day shopping festival, which fell on Nov 11.