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China's newly-introduced tax cuts and fee reductions have saved businesses 1.17 trillion yuan in the first half of this year, the STA said. The private sector has gained the most from the reforms, with 671.2 billion yuan of taxes reduced during the first six months.

China's opening up offers mutual benefits to the world. In 2018, China's GDP accounted for 16 percent of the world's total, but its contribution to world economic growth remained at nearly 30 percent.

China's domestic toy-makers are rushing to buy intellectual property rights to merchandise miniatures and other products based on characters and objects relating to Chinese silver screen sci-fi smash hits such as The Wandering Earth.

China's credit risk, however, is still concentrated in the corporate sector, compared with government debt and the household sector.

China's first 160 kilometer-an-hour magnetic levitation trains will be delivered this year－a breakthrough that will help accelerate the pace of developing a medium-to-low speed series of maglev family products, a leading rail sector executive said on Thursday.