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China will further promote business system reform to allow new companies, new products and new inventions to enter the market more rapidly, said Chen Gang, an official of the State Administration for Market Regulation.

China will work to expand the coverage of directly channeled funds under the special transfer payment mechanism and improve its management to enable more efficient use of fiscal funds by further advancing reforms, the State Council's executive meeting chaired by Premier Li Keqiang decided on Wednesday.

China's National Climate Center predicts there will be typhoon activity from midsummer to early autumn, with the most expected in the fall. Compared to the past, their landfall and impact routes will be more westward and their intensity stronger. The south and southeast coastal areas need to take special precautions against typhoons, floods, gales and storm surges, the center warned.

China will establish an integrated digital business license registry, enabling one-stop registration for foreign and domestic enterprises within a given time frame.

China's Ministry of Commerce (MOC) said Thursday that the US ban would end up having an adverse impact on the country itself.