China's high-tech industries thrive in Q1

On the bright side, some industries in China appear to be faring better than others. According to the Ministry of Industry and Information Technology, China's industrial value-added output growth reached 9.5 percent year-on-year in the first quarter.

The numbers also show that the high-tech industry expanded by nearly 12 percent during the same period, at a faster pace than the country's heavy and light industries. The ministry also says that China's software industry saw revenue increase by 25 percent in the first three months of the year, while the e-commerce business soared by nearly 50 percent.

But the ministry also highlights some of the headwinds facing China's industrial sector, namely weak demand and a lack of investor confidence, as well as overcapacity issues. The ministry has announced it would push ahead with industrial upgrades and restructuring, and step up efforts to tackle overcapacity.