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China's financial risks gradually abated after a few years of fast accumulation, as the country deals with exposed risks and improves the financial regulation system to steer clear of systemic risks, said a report on China's financial stability in 2019 by the People's Bank of China (PBOC), the central bank.

China's local government debt soared during an investment and construction binge following the global financial crisis in 2008. Well aware of the risks, authorities have taken an array of measures to reduce the local debt burden.

China's official non-manufacturing PMI fell to 54 in July from 55 in June, NBS data showed.

China's local authorities have failed to perform well in their legal obligation to fund urban infrastructure for sewage disposal, a national legislative report has found.

China's domestic air travel market is steadily picking up. Last month, the number of passengers who took flights reached 98 percent of the level recorded at the same time last year, and the number of available domestic flights surpassed that in the year-earlier period, according to the Civil Aviation Administration of China.