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"That will build up a solid footing for renminbi on the way to be a regional currency and eventually become an international currency," he said. "In my opinion, the next natural step for Japan is to reach an agreement with China to set up a renminbi offshore market in Tokyo. Japan will benefit a lot from renminbi's internationalization."

The number of workplace accidents dropped from more than 1 million in 2002 to 350,000 in 2011, and deaths from those accidents dropped from about 140,000 to 75,572 during the same period.

State-owned enterprises registered an annual growth rate of 4.8 percent in July, while overseas-funded companies posted a growth of 5.3 percent in the month. Joint-equity companies led the gains by growing 10.9 percent in the month.

Domestically, China is set to brace for rising costs in production means such as labor and land, which will pare its product competitiveness, he added.

The consumer price index (CPI), a major gauge of inflation, is estimated to grow by 1.7 percent year on year in July, slower than the 2.2-percent growth seen in June, the Industrial Bank said in a report, citing the slowing economy and a high comparative base from last year.