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

China's economic and financial risks are on the whole manageable, Li said. "What China needs to do is to tackle both the symptoms and root causes and take effective measures to defuse potential risks."

China's first online database for the flower was established in 2017 by the institute, enabling searches for the names of varieties and related information.

China's intellectual property rights have made great progress in the past decade.The Sharp Sword, an annual crackdown campaign initiated by the administration, has focused on pirated music, videos, games, animation and software for 12 consecutive years to create a good online copyright system.

China's major industrial firms may continue to face challenges in profit-making in the coming months.