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Central bank officials explained that the wider range of interest rates is because the monetary policy transmission mechanism still faces hurdles. They said the overall interest rate system should be led by the market eventually, and that upcoming reform will further reduce administrative intervention.

Car production of the company also lost steam, with a total of 2.39 million units produced in the first five months, shrinking 21.57 percent from a year ago.

Carmine Di Sibio, global chairman and CEO of professional services provider EY, said that China is ahead of the rest of the world when it comes to economic recovery from the epidemic, reporting a growth rate "higher than anywhere else in the world". Therefore, multinational companies can look for opportunities to reinvest and continue to drive growth in China, he said.

Cargo trains from the Chinese cities of Chongqing and Zhengzhou pass through the port on their way to Europe. Earlier this month, a new passenger train route was launched via Horgos, which reduces travel time by eight hours between Urumqi, Xinjiang's regional capital, and Almaty in Kazakhstan, compared to the old route via the Alataw Pass.

Chairman of China's Council for promoting South-South Cooperation (CPSSC) Lyu Xinhua (L) speaks during the China-Egypt Business Forum in Cairo, Egypt, on July 28, 2019. [Photo/Xinhua]