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China will accelerate steps to develop the industrial internet and publish a guideline to promote the digitalized, intelligent and internet-powered development of the nation's manufacturing sector, said a leading official on Monday.

China was not only the biggest buyer of Australian wine, but also the fastest growing market with exports to the nation, including Hong Kong and Macau, worth A.14 billion (2 million); an 18 percent increase from 2017.

China regularly registers a deficit in service trade as its service sector is less competitive than a number of other economies.

China released a master plan for the development of Hainan Free Trade Port on June 1. It provided a long list of opening-up policies aiming to build Hainan Island, which is about 49 times the size of Singapore, into a globally influential free trade port by the middle of the century.

China should pay more attention to maintaining a balance between cutting leverage levels and stabilizing economic growth in the second half of this year after it achieved faster-than-expected GDP growth of 6.9 percent in the first half, said a former central bank adviser.