The country's economy continues to power ahead with remarkable momentum, leaving other major economies behind, and it has cemented its position as the primary driver of what has so far been a dismal global economic recovery, Eswar Prasad, a professor at Cornell University and former China director for the International Monetary Fund, was quoted as saying by The Washington Post.

This year, the domestic travel market is set to rebound at full speed and further stimulate domestic demand for swimsuits after a dismal last year, it said.

China's top three oil and gas companies reported dismal fortunes during the first six months of this year.

New vehicle sales in the United States rebounded slightly last year from dismal numbers in 2020, but were still about 2 million below the years before the coronavirus pandemic.

Growth in China is a key part of Nissan's effort to recover from rapid expansion that left it with dismal margins and an aging portfolio.

Their buying offered a contrast to Monday's dismal US market scene where the S&P 500 plunged 3.88 percent to 3749.63 points, the lowest level since March 2021.

The much-touted inclusion of China's A shares on the MSCI Emerging Markets Index started on a dismal note on Friday, with more than 200 of the newly included companies witnessing price declines on their trading debut.

But Yi said the current situation is not dismal, so no alarm bells need to be rung.

The dismal performances are casting a shadow over Xiaomi Inc, which has reportedly trimmed its valuation for its blockbuster Hong Kong IPO, which could raise at least $10 billion.