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China has been encouraging recycling of scrapped motor vehicles to promote a circular economy. Such vehicles are usually sold to remanufacturing companies.

China experienced steady development of service consumption in the first half of the year, as the growth of country's catering sector, educational and entertainment business, and healthcare industry rose 9.4 percent, 10.9 percent and 9.5 percent, respectively, leading to service spending accounting for 49.4 percent of the country's total domestic consumption, an increase of 0.6 percentage point over the same period a year earlier.

China at this time has about 1,000 companies whose annual revenue has surpassed 10 billion yuan, data from the China Enterprise Confederation showed. As the Chinese economy is transforming from rapid growth to high-quality development, more "10 billion yuan" level enterprises are needed to lead in industrial progress, Yao added.

China has made notable achievements in foreign trade since reform and opening up. The country has been the world's largest exporter and second largest importer of goods for nine consecutive years, and is now the world's largest importer of energy resources.

China cut coal capacity by more than 290 million tons in 2016. This year's target was 150 million tons, which was accomplished by October.