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China's dairy industry is facing a critical imbalance between supply and demand for raw milk. The demand for dairy products is rising and expected to grow at a compounded annual growth rate of 1.5 percent through 2023, driving demand for raw milk with annual growth of nearly 5 percent. However, domestic cow stocks and raw milk production are decreasing significantly.

China's digital service export bases should be established on the basis of innovative development pilot areas and national service outsourcing demonstration cities, according to a guidance on accelerating transformation and upgrade of service outsourcing.

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 new yuan loans stood at 1.45 trillion yuan (1 billion) in July, up 627.8 billion yuan from a year ago, data from the central bank showed.

China's economy has gradually recovered since the second quarter of this year, with the GDP growth rate rebounding to 3.2 percent year-on-year, reversing the 6.8 percent decline in the first quarter, on the back of a broad range of fiscal measures, including tax and fee reduction, infrastructure investment, social benefits and employment support.