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China's trillion financial industry has been judged as "generally stable" in the central bank's annual examination, but supervision still needs to be tightened to prevent potential risks, especially in the banking sector, a report said.

China will draw on the recommendations, continue to deepen financial sector reform, take concrete steps to contain risks and strengthen cooperation with international organizations, it said.

China's State Flood Control and Drought Relief Headquarters upgraded the emergency response for flood control from level IV to level III on Tuesday, as incessant downpours continued to wreak havoc across vast stretches of the country.

China's banks issued a combined 1.1 trillion yuan (0 billion) of new loans in the last month, an increase of 126 billion yuan from a year ago, according to the People's Bank of China (PBOC) website Wednesday.

China will release a draft on Chinese depositary receipt rules after the two sessions, news web portal NetEase reported, citing China International Capital Corporation.