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Companies that are invested or run by State capital or qualified central SOE funds will be encouraged to take part in the swaps using various market channels.

Companies in sectors such as oil, steel and coal saw their revenues rise at least 40 percent, according to the State-owned Assets Supervision and Administration Commission.

Compounding the dire climate, at least 30,000 new local university leavers are scrambling for their first job amid the sharpest economic downturn in decades, which has forced employers to freeze recruitment, rescind offers, slash wages, enforce unpaid leave or lay off employees.

Commercial vehicles are offering some comfort to the market. With 1.1 percent growth in August, their sales in the first eight months of the year reached 2.9 million, up 8.7 percent year-on-year.

Commenting on Washington's recent attacks on the WHO, Geng said that the US is showing "a mentality of hegemony" by showing it thinks the organization should listen to its commands just because it is the largest contributor. It is "a threat of blackmail" for the US to stop its funding just because the WHO upholds objectivity and justice, he said.