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China's systemic financial risks are generally under control, but risks such as bad assets and liquidity issues are still alarming, and regulation has become uncoordinated, inadequate and outdated in the face of innovation and development of cross-market financial products, Lu said.
China's used car sales are expected to hit 20 million vehicles in 2020, double the 2016 level, according to a forecast by consultancy PricewaterhouseCoopers.
China's railway passenger trips registered stable growth in June — a sign of recovery from the COVID-19 outbreak amid continuous efforts to contain the epidemic — according to the country's railway operator.
China's year-on-year GDP growth reached a higher-than-expected 6.9 percent in the first quarter and is widely expected to be 6.8 percent for the second quarter before easing mildly in the coming quarters.
China's two other major state-owned oil companies -- Sinopec Group and China National Offshore Oil Corporation -- also are believed to be considering cuts in investment.
