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China's total grain output consists of three parts -- early rice, summer grain and autumn production. Summer grain is the first season of the annual grain production, accounting for more than a fifth of the yearly output.

China's service industry accounts for over 51 percent of economic output while the proportion in developed countries like the United States and Japan is over 70 or 80 percent of the economy.

China-US tariff measures have added drag to world economic prosperity, according to the Organization for Economic Cooperation and Development. The organization projects that the global economy will grow by 3.7 percent in both 2018 and 2019.

China's trade liberalization efforts, such as the expansion of the China (Shanghai) Pilot Free Trade Zone and the hosting of the second China International Import Expo, scheduled for November, will also help the country to put its foreign trade on a firmer footing, said Wei Jianguo, vice-president of the China Center for International Economic Exchanges.

China's push to further expand production and consumption of bioethanol this year in order to clean up the environment, while seeking more channels to consume corn and grain stockpiles, has created a huge biofuel market that is tempting global chemical companies.