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As drastic ups and downs in China's money and credit data within the first two months have sparked discussions on the reasons for this, the central bank issued an explanation on Monday morning, saying that robust financing activities have well supported economic growth so far this year.

As a front-runner in reform and opening-up, the city used to rely on processing trade mainly for Hong Kong. After enjoying a high economic growth rate of nearly 40 percent per year from the 1980s to the early 1990s, due to limited land resources and rising labor costs, the city gradually turned its focus to developing high value added industries such as information technology, biotechnology, new materials and high-end equipment manufacturing. Now it has become a magnet for technology startups and the headquarters of famous high-tech companies such as Huawei Technologies Co Ltd, Tencent Holdings Ltd and one of the world's largest drone makers, DJI.

As demand for face masks surges in China amid the outbreak, the nation is also ramping up efforts to increase production.

As a result, Smeal has won more than 16,000 thumb-ups on social shopping app Xiaohongshu and more than 500,000 Xiaohongshu users have expressed willingness to try Smeal products.

As cross-border e-commerce embraced robust growth, China's foreign trade also beat market expectations in recent months despite the adverse impact from shrinking global demand and restrictive overseas measures to contain the pandemic.