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China will stop using the traditional benchmark lending rate for new loans starting next year, which is considered a milestone in the 25-year process of market-oriented interest rate liberalization reform. Economists expected a more flexible mechanism to reduce financing costs for companies and households.

China's 3D printing-related clinical research, design and applications caught up fast in the past few years although the technology was first invented in the US, mainly because China's more flexible 3D printing medical research and application regulatory policies, compared with many other countries, give enough room for innovation, he said.

China's Ministry of Culture and Tourism recently issued a notice about enhancing business resumption for tourism-related enterprises. The notice stipulated that the visitor cap for tourism sites will be raised from 30 percent to 50 percent of maximum capacity.

China's announcement came after the US Trade Representative's office released a finalized list of 16 billion dollars' worth of Chinese goods. The tariff hike will take effect on Aug 23, bringing the total worth of Chinese goods facing a 25 percent tariff to 50 billion dollars.

China will implement such a long-term mechanism to maintain the sound development of the real estate market, and not use real estate as a short-term means of stimulating the economy, according to the meeting.