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China's GDP grew faster than expected in the first half of the year, up 6.9 percent from a year earlier, according to data from the National Bureau of Statistics.

China will intensify its national strategic strength in science and technology, enhance enterprises' innovation capacity, stimulate the vitality of talent for innovation and make institutional improvement in terms of scientific innovations, it said.

China will reduce or cancel tariffs on certain imported goods and materials starting in 2021 in a bid to expand imports, boost the domestic market and support the formation of high-standard free trade areas under the country's new "dual-circulation" development paradigm, according to the Ministry of Finance.

China's Foreign Ministry and National Health Commission activated their emergency response procedures overnight.

China's banking and insurance regulator clarified that the institutional status of Chinese banking institutions will remain unchanged after they receive investments from overseas financial institutions.