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"China remained the region's leader in terms of bond market size with its share of the regional total rising to 75.4 percent," the report said.

"Currently, China is at a stage of regular epidemic control and prevention. Most Chinese carriers have resumed the offerings of in-flight meals, and many of them have launched upgraded meals, as they hope to stay competitive and draw more passengers after they suffered losses during the pandemic," said Lin Zhijie, an aviation industry analyst and columnist for Carnoc, one of China's largest civil aviation websites.

"Clearly the first swap is a small amount, compared with the potential issuance of perpetual bonds that could be more than 1.08 trillion yuan as we estimated," said Jiang Chao, an economist with Haitong Securities, an A-share listed brokerage. "That could support credit growth of 6.82 trillion yuan."

"China's foreign exchange market remained stable, with a general balanced demand and supply relationship of foreign exchanges," said Wang, who expected severe impact from the pandemic on global economy and trade growth, along with increasing volatility in international financial markets.

"China's increase in imports between 2013 and 2018 contributed 22.7 percent to global import growth during the same period, which suggests China's imports, domestic market and consumption have been the leading driving engine for global economic growth," he said.