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Dwindling orders from Europe and other trade partners have sapped China's exports and, combined with a cooling property sector, slowed the country's economic growth rate to 7.6 percent in the second quarter, the lowest level since the first quarter of 2009.

According to forecast by the National Meteorological Center (NMC), typhoon Sanba, the 16th typhoon seen this year, will maintain or slightly weaken its strength before entering waters of the southeastern parts of the East China Sea on Saturday morning.

The city's observatory also strengthened its alert against the typhoon to orange, the second-most severe alert in the country's four-tier color-coded weather warning system, followed by yellow and blue.

"The move is of great significance as it means a big step forward in the reforms of the interest rate mechanism," said Xia Bin, counselor of the State Council and former member of the monetary policy committee of the People's Bank of China.

In September this year, ships including Haijian 50 conducted law enforcement and patrol activities around the Diaoyu Islands to assert China's sovereignty.