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China's State-owned cultural institutions will adopt a new management system to give them more flexibility and make them more responsive to the public.

China's GDP growth beat market expectations to reach 6.4 percent year-on-year in the first quarter of this year, but it remained 0.2 percentage point lower than the whole of last year.

China will further stabilize foreign trade and investment through expanded opening-up, and push ahead with trials of innovative development in trade in services in an effort to take the country's opening-up to a higher level, the State Council decided at an executive meeting on July 29.

China will further expand the opening of the financial sector, encourage foreign financial institutions and funds to enter the domestic financial market and enhance the vitality and competitiveness of the financial system, the statement said.

China's catering business has maintained a steady annual growth rate of 10 percent since 2013, with revenue in 2019 reaching 4.67 trillion yuan, according to China Hospitality Association.