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Companies' financing costs have dropped significantly this year. In the first five months, the average lending rate for small businesses with a credit line of up to 10 million yuan was 6.03 percent, 0.67 percentage point lower than in all of last year. The average lending rate for the manufacturing sector was 4.32 percent, 0.46 percentage point less than the beginning of this year, said Ye Yanfei, an inspector in the Policy Research Bureau of the China Banking and Insurance Regulatory Commission.

Commercial cars, including buses and trucks, also reported a decent sales performance. In March, 488,000 vehicles were sold, a 5.8 percent rise from the same month last year. That brought sales in the first quarter to 1.08 million units, up nearly 4.1 percent year-on-year. Of these, bus sales were 97,000 units, up 2 percent from the same period last year and truck sales stood at 985,000 units, a 4.3 percent growth year-on-year.

Commission spokesman Xie Xiaobo said: "The general goal is to build a world-class great bay that is green, mod-ern, smart, harmonious and beautiful."

Commenting on the forecast, Chinese energy strategy expert Ruquan Lu told Xinhua that he agreed with the assumption. "According to our estimation, China's oil demand will reach 700 million metric tons per year around the year of 2025, of which 500 million tons will have to come from import," said Lu.

Coming into effect on March 1, the regulation forbids bank wealth management subsidiaries to invest their own capital in nonstandard assets and sets higher risk coefficient for the subsidiaries to invest wealth management funds in nonstandard assets, compared with standard assets.