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China and the US don't have an extradition treaty. If authorities charge Liu and issue an arrest warrant, the Chinese government could refuse to hand him over, Levine said.

China Southern Airlines, the country's largest carrier by passenger traffic, also reported a rise in its earnings. The Guangzhou-based airline said last year, it achieved operating revenue of 127.8 billion yuan, up 11.15 percent year-on-year. Its net profit reached 5.96 billion yuan, jumping 18.18 percent year-on-year.

China Vanke was not the only property developer feeling the pinch. Some 70 percent of 40 property developers monitored by property research center CRIC saw sales value decreases from April. Combined sales value of the 40 companies fell 10 percent month-on-month in May.

China accounted for more than 40 percent of capacity growth in global renewable energy in 2016, which was a record year for worldwide clean energy additions, according to a new study.

China Development Bank, one of the country's three policy banks, and the Russian Direct Investment Fund (RDIF) announced on Tuesday plan to set up China-Russia RMB Investment Cooperation Fund.