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At the end of February, about 585 million square meters of housing was unsold in China, down by 4.55 million square meters or 0.8 percent from the end of last year.

At present, central SOEs such as China Baowu Steel Group Corporation and China First Heavy Industries have made positive results in conversion of debts into equities, the report said.

At the end of May, about 560 million square meters of housing was unsold in China, down 6.8 million square meters from a month earlier.

At the same time, the model recognizes the importance of the international economy in China's development, including further opening-up of the economy to foreign companies.

At the end of 2016, the collective outstanding volume of the asset management business was 102 trillion yuan (.37 trillion).