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Chinese people embraced the first day of sanfu, the hottest and dampest period of the year, on Tuesday in unique ways across the country.

Chinese financial regulators once worried local governments' contingent debt, or the debt out of the balance sheet, might expand fast due to some illegal borrowing disguised as PPP equity funding. The government pushed the deleveraging process by cracking down some high-risk projects and constrained some financing channels, resulting in a slowdown of fixed-asset investment growth to 5.9 percent last year.

Chinese firms are stepping up investment in 5G, AI and the Internet of Things to gain a foothold in the emerging field. By end-June, China had over 1,200 AI-related enterprises, according to the Ministry of Industry and Information Technology.

Chinese Vice-Minister of Commerce Wang Shouwen said 15 member states will maintain contact with India and continue to negotiate with it in order to address India's remaining concerns.

Chinese business software specialist Kingdee International Software Group is ramping up efforts to develop cloud services despite losses and intense competition as it strives to grasp the opportunities brought about by the digitalization of Chinese enterprises.