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Chinese wool buyers were paying about to a kilogram for the material back then, but the price is about .50 now. Prices have since hit a high of more than A a kilogram, industry figures showed.

Cloud computing, big data, internet data centers and the internet of things sector saw robust growth in revenue during the first six months. By the end of June, China had built 410,000 5G base stations in total, with 257,000 being set up in the first half of this year, the ministry said, adding that China now has 66 million users whose 5G smartphones are now connected to the internet.

Chinese search engine Baidu has been digitally archiving China's museums since 2012, enlisting more than 200 museums for the ongoing project. The institutions are also working with tech companies to create content in modern ways that will appeal to a younger generation.

Close on the heels of that came reports that e-commerce behemoth JD was planning to lay off 10 percent of its executives above the vice-president level.

Chinese tourists will come mostly from cities such as Shanghai, Guangzhou, Shenzhen, Chengdu and Hangzhou, and the top 10 destinations include Shanghai, Guangzhou, Beijing, Chengdu and Shenzhen, said the report.