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China's economy, once heavily reliant on fixed-asset investment and exports, is increasingly fueled by services and consumption. Official data showed that consumption contributed 58.8 percent of GDP, and the service sector accounted for 51.6 percent.

China's expanding energy transportation network will also boost the development of sectors including advanced steel, equipment manufacturing and engineering technology, he added.

China's e-sports market value reached five billion yuan (0 million) in 2017, and that will grow to 8.48 billion yuan this year, according to the 2018 China E-sports Development Report, which was published by Tencent E-sports, Penguin Intelligence and China Electronic Athletics magazine at the Global E-sports Leaders Summit and Tencent E-sports Annual Conference on Thursday in Shanghai.

China's electric vehicle startup Nio submitted supplementary files with the US Securities and Exchange Commission on Tuesday to lower its initial public offering target to .51 billion.

China's crude steel output is estimated to exceed 1 billion metric tons this year. That will mark an increase of 3-5 percent year-on-year. But, the industry profitability this year is likely to stay flat and may increase modestly next year, according to the China Iron and Steel Association.