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China's major flange producing county Dingxiang in Shanxi province is stepping up development of innovative manufacturing technologies, in line with the government's mission to promote high-quality development.

China's new "dual-circulation" development pattern does not mean seclusion, but rather is aimed at a higher-level of opening-up with better utilization of the country's comparative advantages related to international value chains, regional developments and the domestic market, a senior economist said.

China's commercial banks will continually increase lending to small businesses with sound tax payment records to ease shocks from the coronavirus pandemic, the country's tax authorities and bank regulators said on Wednesday.

China's more than 130 city commercial banks, which were founded in 1995 through shareholding reform of urban credit cooperatives, recorded 32.3 trillion yuan in total assets, accounting for 12.9 percent of the industry's total.

China's economy expanded steadily in the first half of 2018 as restructuring provided resilience and impetus against trade frictions.