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China will set up a special transfer payment mechanism to ensure that newly increased fiscal funds this year will directly benefit businesses and people. A host of related arrangements were given a green light on Tuesday at the State Council's executive meeting, chaired by Premier Li Keqiang.

China's Cyber Security Law came into effect on June 1, stating that people's personal information is under protection by law. According to the Criminal Law and its judicial interpretations, people who illegally obtain and sell 50 or more pieces of personal information can be fined and jailed for up to seven years.

China will use market-oriented legal measures to strengthen policy control and guide companies to cut overcapacity and outdated capacity to establish a long-term market clearing mechanism in order to improve the quality and structure of its industrial capacity in 2018, said He Lifeng, minister of the National Development and Reform Commission.

China will deepen reforms in innovation-driven development to expand the scope and raise the level of mass entrepreneurship and public innovation, according to a statement released after the State Council's executive meeting chaired by Premier Li Keqiang.

China's State-backed semiconductor fund is near to closing a 120 billion yuan (.98 billion) investment round for a second fund to support the domestic chip sector and help cut reliance on imports amid a bruising trade standoff with the United States.