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China's economy is undergoing an important stage of structural transformation. Innovation will play a central role in driving long-term growth, so I believe this development will be a positive one for the country's future in the years to come.

China's energy mix is dominated by coal. Power consumption rose 6.9 percent year on year in the first three quarters of the year, 3.7 percentage points higher than the same period last year, official data showed.

China's economic resilience has stemmed from the sustained demand for services and goods, and the epidemic won't change these dynamics, given China's nascent consumption boom, said Patrick Tsang, CEO of Deloitte China.

China's non-manufacturing PMI edged down from the previous month and stood at 54.2 in July. The composite PMI, which covers manufacturing and non-manufacturing activities, edged down to 54.1 from June's 54.2, indicating an overall restorative expansion in economic activities, the NBS said.

China's college graduates are leaving first-tier cities for second-tier ones, according to the annual College Graduates' Employment Report issued on Monday.