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China's growing sneaker market in cities beyond metros has attracted the attention of other brands too. In May, Sneaker Con, one of the biggest sneaker exhibitions of the world, was held in Shanghai for the first time. Over 20,000 visitors made it to the three-day event.

China's innovation capability has been improving over the past years, Zhang said, calling for making the country's western and central regions the new engine of innovation.

China's financial regulator on Friday suspended the approval of new online microloan firms as well as new cross-province micro-lending business to clean up the rapidly growing but highly unregulated industry.

China's deposit insurance scheme came into effect in May 2015. It covered commercial banks, rural cooperative banks and rural credit cooperatives. Under the scheme, a depositor can expect to receive an insurance payout within seven working days after an incident. The payout covers a deposit of no more than 500,000 yuan for each depositor in a bank.

China's national weather observatory Wednesday continued issuing an orange alert for Typhoon Talim, the 18th typhoon this year.