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An important reason the Chinese economy has maintained steady growth in the first half of the year is that reform, innovation, adjustment and transformation have all played an important role. Reform efforts to streamline administration, delegate power and improve government services have given a strong boost to mass entrepreneurship and innovation, and further unleashed development potential. Now every day in China, some 40,000 new market entities are being created, including over 13,000 new enterprises. Such increase is bigger than the previous two years and has given a strong boost to job creation. The leading role of consumption and services is becoming more visible. New areas of consumption such as information and communication, smart phones and new energy vehicles are rapidly expanding. The five "happiness industries" of tourism, culture, sports, health and old-age care are rapidly growing. The service sector has grown into the biggest industry in the national economy, both in terms of its output and the number of jobs it created. An innovation-driven economy is brimming with vitality. High-tech industries, high-end manufacturing, e-commerce and other new business forms are booming. Enterprises, sectors and regions that have made an early start in economic transformation and upgrading and that embrace faster growth of new industries have all taken on a sound momentum of growth. On the whole, the Chinese economy is better structured; its quality is improving and a stronger momentum is being gathered.

As all economies are highly interdependent in the current world, no country can stay out and be immune to the risks and challenges, he said.

Togo hopes China will continue to back the country in improving people's livelihood, agriculture, infrastructure, port economic development, peace, security and other areas, Gnassingbe said.

Under the current scheme, IPOs are limited in number and require approval from market authorities. While it's difficult for companies to go public, it is not much easier to delist them due to opposition from shareholders and local governments.

It is the first time that the National Meteorological Center has issued an orange alert for rainstorms this year. In June, storms in the south and a tornado in eastern Jiangsu Province killed more than 100 people.