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China's e-commerce giant Alibaba took sixth on the list with 2.53 billion in brand valuation, up 16 percent year-on-year, while JD.com saw a 24 percent surge to .49 billion, according to the report. Chinese internet heavyweight Tencent came in seventh with a brand value of 0.98 billion.

China's economy has maintained steady growth with good momentum in the first half of 2018, He said, warning that it has become difficult to maintain a steady and sound economic growth in the face of long-standing structural contradictions domestically and a complicated international environment.

China's embassy in Washington could not immediately be reached for comment.

China's local governments are also working to attract private capital into cash-strapped strategic emerging industries, which have found it difficult to get bank loans as many start-ups are yet to turn patents and intellectual property into profits.

China's first trunk jetliner, the C919 made its maiden flight on May 5, 2017. It is now undergoing further testing.