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Based on the forecast-beating data, the International Monetary Fund (IMF) on Tuesday upgraded its forecast for China's economic growth in 2017 and 2018 to 6.6 and 6.2 percent, respectively, 0.1 and 0.2 percentage point higher than its forecast in January.

Bai said the labor in the US costs more than in China, therefore it does not have an advantage in manufacturing to compete with China, but it has a notable edge in high-tech products and services trade with China.

Baidu Inc has been moving ahead with the research and development of autonomous driving technology. In April 2017, it launched Apollo, an open platform on which its technologies can be shared with developers and automakers.

Banks in Beijing, Guangzhou, Shenzhen, Hangzhou and Nanchang have become prudent in mortgage lending since the start of this year, the report said.

BYD posted a 203.6 percent rise of net profit in the first half of the year to 1.45 billion yuan (2.8 million), compared with the same period last year, and sold 145,653 new energy vehicles between January and June, up 94.5 percent from a year earlier.