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China's local government debt soared during an investment and construction binge following the global financial crisis in 2008. Well aware of the risks, authorities have rolled out a string of measures to reduce the local debt burden.

China's huge domestic consumption potential has become its new comparative advantage, and that's why the country seeks the new development pattern to benefit itself and the rest of the world, said Yao Jingyuan, a research fellow at the Counsellors' Office of the State Council.

China's insurance regulator barred Yao Zhenhua, chairman of Foresea Life Insurance, from the insurance sector for 10 years for irregular market operations.

China's investment in fixed assets rose 8.9 percent year on year in the first four months of 2017, easing pace from 9.2 percent in the first quarter but reflecting the ongoing restructuring of the economy, as investment growth rate in the service sector far exceeded the industrial sector.

China's game market surpassed 114 billion yuan (.84 billion) in sales revenues in the first half of this year, an increase of 8.6 percent from the same period last year, said a joint report by the Game Publishers Association Publications Committee and market research firm IDC.