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As China finally introduced the policy of reform and opening-up and abolished the coupon system, more Chinese had the financial leeway to buy goods as they wished on the back of an increasingly open market. Since the 1990s, cash has dominated the payment scene for a substantial span of time.

Apple Inc shares declined on Monday after US President Donald Trump told the iPhone maker it should move production to America from China to avoid his upcoming tariffs.

Around 20 listed firms in the iron and steel sector have forecast their earnings for the January-June period.

As China's current urbanization rate is about 61 percent, lagging behind the 75 to 80 percent in developed countries, the income growth potential is huge, yet about one-third of China's city dwellers are migrant workers, who work in cities but spend a limited amount of their income there, he said.

Arden said waiting until Monday would allow her to see if recent changes, like the removal of restrictions on the number of people in bars and at social gatherings, had led to a rise in cases.