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China's budget hotel chains, faced with competition and expanding at a slower pace than their more expensive cousins, are introducing shared office spaces as a new way to earn revenue.

China will strengthen its protection and management of intellectual property, accelerate the commercialization process, and help improve global IP protection practices and standards, officials said on Tuesday.

China's car market kept stable growth in the first half of this year, with sales of vehicles reaching 14.07 million — a 5.57 percent year-on-year increase — and output of vehicles expanding to 14.06 million, making for 4.15 percent year-on-year growth, according to Xinhua.

China's central bank announced a targeted reserve requirement ratio cut at the end of September to encourage inclusive financing at commercial banks, such as credit support for small- and micro-sized enterprises, startups and agricultural production.

China's GDP expanded 6.9 percent year on year in the first quarter, up from the 6.8-percent growth in the previous quarter and 6.7 percent in 2016.