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China's foreign trade volume previously fell by 0.9 percent year-on-year to 24.33 trillion yuan in 2016, and the figure was 24.59 trillion yuan in 2015, a drop of 7 percent from 2014.

China's consumption of steel products is expected to grow marginally next year, after hitting a record this year, said a new report from the Beijing-based China Metallurgical Industry Planning and Research Institute.

China's commercial banks will continually increase lending to small businesses with sound tax payment records to ease shocks from the coronavirus pandemic, the country's tax authorities and bank regulators said on Wednesday.

China's economy expanded 6.9 percent in the first half, well above the target of around 6.5 percent for the year.

China's economic structure has also become balanced and new drivers for growth are posting a stronger presence in the first quarter, according to NBS data.