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China's banking regulator in late May also ordered banks not to channel funds into developers via the shadow banking sector.

China's VR market expanded 164 percent year on year to reach 16 billion yuan (.37 billion) in 2017, data showed. The market is likely to exceed 90 billion yuan by 2020, according to the Ministry of Industry and Information Technology.

China will strive to minimize the impact of the novel coronavirus outbreak on the country's poverty alleviation efforts and make sure it can achieve the goal of pulling all people out of poverty by the end of this year, a senior poverty alleviation official said on Tuesday.

China's State Council issued a guideline in deepening reform and economic upgrading through encouraging new economic drivers, as well as energy consumption reforms, in north China's Shanxi province. It aims to boost local development from its restriction on traditional resources.

China's Ministry of Finance (MOF) said on Friday that it was a "wrong decision" for the rating agency to downgrade China's sovereign credit rating.