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China's financial regulator on Friday suspended the approval of new online microloan firms as well as new cross-province micro-lending business to clean up the rapidly growing but highly unregulated industry.

China's globalization "is based on more equal cooperation", and features a focus on South-South cooperation between developing countries, including itself, he said.

China's e-sports market value reached five billion yuan (0 million) in 2017, and that will grow to 8.48 billion yuan this year, according to the 2018 China E-sports Development Report, which was published by Tencent E-sports, Penguin Intelligence and China Electronic Athletics magazine at the Global E-sports Leaders Summit and Tencent E-sports Annual Conference on Thursday in Shanghai.

China's gross domestic product shrank 6.8 percent year-on-year in the first quarter. Although GDP achieved a 3.2 percent growth in the second quarter, it may still be difficult for full-year growth to be higher than 3 percent. Currently, insufficient aggregate demand is the principal challenge facing the Chinese economy.

China's major industries registered slower profit growth in July, but a senior official at the National Bureau of Statistics said on Sunday that overall data show the country's supply-side structural reform has continued to make progress.