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China's overall leverage rose to 250.3 percent last year, up by only 2.7 percentage points from a year ago, according to a new report released by the PBOC Friday. The slowdown came after expansion of supply-side structural reform, a firmer economy and the effective implementation of a prudent, neutral monetary policy, the central bank said.

China's newly revised Budget Law clearly stipulates that local government debt should be publicly issued through a national quota-based mechanism, and various local financing platforms backed by the local authority should not issue local government debt.

China's nonmanufacturing PMI stayed unchanged from the previous month and stood at 54.3 in May, registering the fifth month in a row with a reading of above 54.

China's innovation-driven new economic sectors are witnessing rapid development and playing an increasing role in the economy in recent years on back of government support.

China's first listed courier YTO Express plans to invest 100 million yuan in a new logistics information technology lab at its Shanghai headquarters.