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China's growth model used to be based on trade, investment and heavy industry, but it is now being shifted to rely more on consumer spending.

For China, the currency yuan has been heading south since the government revamped the foreign exchange mechanism last year, and concerns about capital outflows have been on the rise.

However faraway and inconvenient -- even settling with a standing ticket for a 20-hour-plus trip -- Chinese people would not be willing to miss the annual family reunion. They go home, bring gifts, hand out red envelopes to seniors and children, and offer their best wishes to each other for a good year.

During the inspection at the China Securities Regulatory Commission, the team dispatched by the CCDI discovered loopholes in its mechanisms for preventing corruption risks and conflicts of interest, which are likely to breed corruption, said a CCDI statement.

During the past decades, some countries illegally occupied China's islands and militarized them heavily, not only with radars, but also with all kinds of artillery, he said.