The global economy is on track to shrink by 5.2 percent this year amid the COVID-19 pandemic, the deepest recession since the Second World War, the World Bank Group said in its latest Global Economic Prospects released Monday.

A Chinese official on Monday dismissed concerns that the Hainan free trade port will undermine Hong Kong's status as a global financial, trading and shipping center.

The city of Guangzhou, capital of south China's Guangdong province, will push forward the construction of new infrastructure projects with an investment of nearly 500 billion yuan ($70.7 billion) in 2020.

The world-leading sportswear brand Adidas has seen a strong recovery in the Chinese market in May, as its revenue growth turned positive this month followed the reopening of its stores.

Global investment platform Cathay Capital Group announced on Tuesday a joint energy fund it established with partners has completed its first fundraising, closing at 820 million yuan ($120 million).

A total of $8.8 billion was raised from enterprises worldwide for public welfare vaccination, and Chinese enterprises contributed to their efforts.