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China's State Council requires all facilities producing inferior-quality steel bars to be dismantled across the country by the end of June, but the inspection found two mills in Tianjin were still in business while one company shutdown in Hunan province was seeking to restart production.

China's anti-graft bodies investigated 302,000 corruption-related cases and punished 240,000 people in the first half of this year. The total number of cases probed is expected to surpass that of 2017－527,000－and achieve growth for the sixth year in a row, the book said.

China's Labor Law stipulates that companies must contribute the bulk of payments toward five types of social security for employees, including injury, medical and endowment insurance. Workers pay a minimal amount.

China will step up the protection of intellectual property rights and bring its business environment in line with market principles, the rule of law and international standards, he said.

China will further open up its banking sector to foreign investments. It will ease restrictions on foreign banks so they could have easier access to the local market and start business operations in the country, according to the China Banking Regulatory Commission.