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Analysts from Shanxi Securities further explained that the leading Chinese home appliance-makers have accelerated their overseas mergers and acquisitions.

Analysts said power coal sales and price were facing pressures. Coal-burnt plants have started to suspend generators for examination as summer is ending, and some corporate consumers have delayed purchase plans betting on price declines.

Angola will present its first international public tender in Beijing on Sept 16 to grant diamond, iron and phosphate mining rights to Chinese investors for the country located in the western part of southern Africa.

Analysts from Beijing-based market tracker Qimingpian wrote in a survey released in April that Chinese food and beverage companies, especially those with a larger domestic market share, have accelerated mergers and acquisitions in overseas markets. Chinese companies carried out at least 31 major overseas mergers and acquisitions between 2013 and 2018.

An official with the office in charge of fugitive repatriation and asset recovery under China's central anti-corruption coordination group said Liang's case was typical of grassroots corruption that infringes on people's rights and interests, and such cases are currently a focus of fugitive repatriation and asset recovery work.