China's central bank cut its benchmark interest rate on Sunday for the third time since November, as economic growth cools to levels not seen since the global financial crisis.

China's trade position is expected to improve in the second half the year, the country's Commerce Ministry said, playing down concern sparked by recent dismal trade figures.

China's crude oil imports hit a record high in April as falling prices encouraged stockpiling, but coal imports plunged and shipments of other commodities generally eased on a year earlier amid a sluggish economy.

Energy, transport and finance deals are likely to be on the agenda as Chinese President Xi Jinping meets his Russian counterpart Vladimir Putin during a three-day visit to Russia, where he will attend World War Two commemorations.

China's exports unexpectedly fell 6.4 percent in April from a year earlier, while imports tumbled by a deeper-than-forecast 16.2 percent, fueling expectations that Beijing will quickly roll out more stimulus to avert a sharper economic slowdown.

When Alibaba Group Holding Ltd's (BABA.N) eccentric founder Jack Ma stepped down as CEO two years ago, he declared "the Internet belongs to young people," and promised that most of the company's leaders born in the 1960s would soon retreat from management.

China's leaders, caught off guard by a sharp economic slowdown and worried about the risk of job losses, are likely to resort to fiscal stimulus to revive growth after a run of monetary policy easings proved less effective, policy insiders said.

China has put in place rules to protect private investors and expand opportunities in infrastructure and utility projects, the country's top planning agency said on Tuesday, as the government seeks help revitalizing a stuttering economy.

China's factories suffered their fastest drop in activity in a year in April as new orders shrank, a private business survey showed on Monday, hardening the case for fresh stimulus measures to halt a slowdown in the world's second-largest economy.

China's cabinet unveiled new measures on Friday to boost employment, offering more flexible tax breaks to companies to hire the jobless, preferential loans and incentives for farmers and new graduates.