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China's industrial output grew 6 percent year-on-year in July, according to the National Bureau of Statistics. In the first seven months of the year, industrial output increased 6.6 percent year-on-year, 0.1 percentage point lower from January-June period.

China's economy expanded by 6.9 percent in the first half of 2017, with consumption and services, together with new innovation-driven economic sectors, taking up larger roles. In light of the strong data and expectations of continued fiscal support, the IMF in July revised China's growth forecast upward to 6.7 percent for 2017 and 6.4 percent for 2018.

China's oil demand is expected to increase 4.6 percent year-on-year to 615 million tons in 2018. The country's oil consumption increased 5.9 percent annually to 590 million tons last year, the highest figure since 2011, said the report.

China's medical sector will grow to the size of 1 trillion yuan (4 billion) within the next 20 years, and this growth will be fueled by not only an army of doctors and nurses, but also troves of data, according to experts in the field of artificial intelligence.

China's official manufacturing Purchasing Managers' Index rose to 49.7 in July, up from 49.4 in June, according to a statement of the National Bureau of Statistics on Wednesday.