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Derek Chan, president of the body's North China committee, said the upbeat sentiment can be attributed to a series of tax reforms, favorable policies on innovation and technology, and opportunities from the Belt and Road Initiative.

Despite the frictions, China maintains its stance on economic cooperation for mutual development.

Despite the fall, Volkswagen grew its market share to around 20 percent by the end of June.

Demand from the shipbuilding sector is expected to see the sharpest year-on-year decline of 11.5 percent. The industry is expected to consume 11.3 million tons of steel this year, up 3.7 from last year, but the figure is expected to slide to 10 million tons in the following year due to the impact of trade disputes and geopolitical uncertainty.

Demand for e-commerce in rural areas maintained its growth momentum, with the sub-index tracking e-commerce logistics in these regions standing at 120.2 points, up 3.5 points from July.