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China's official statistics show, however, Chinese investors made .27 billion of non-financial outbound direct investment in nearly 4,000 overseas enterprises in 152 countries and regions from January to July. It marked a 14.1 percent increase from the same period a year ago.

China's current account has been influenced by the coronavirus pandemic, weakened external demand and declining trade surplus of goods. "But in the first quarter, the current account is likely to maintain stable within a reasonable range, and the COVID-19 pandemic may not change the basic trend in a medium to long term," Wang said.

China's manufacturing sector showed a further marginal improvement in operating conditions last month, driven by accelerated output, although weaker demand in international markets stagnated exports, according to an unofficial leading economic indicator released on Wednesday.

China's millennial generation has brought strong momentum to the country's luxury personal goods consumption, which grew by 20 percent in 2017.

China's economic fundamentals will continue to develop for the better in the long run, Geng said, adding that the country will stick to supply-side reform and actively push for the implementation of various measures to make sure its growth remains at the medium-to-high level.