China's exports to the US have plunged. Apollo's top economist said recently that the US could see empty shelves and a tariff-fueled recession by summer.

China is at the epicentre of U.S. President Donald Trump's global trade war that has roiled financial markets, upended supply chains and fuelled risks of a sharp worldwide economic downturn. Washington wants to reduce its trade deficit with Beijing and convince China to renounce what the U.

China's factory-gate prices posted the steepest drop in six months in April while consumer prices fell for a third month, underlining the need for more stimulus as policymakers grapple with the economic toll from a trade war with the United States.