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China's fresh fiscal data indicated a broader funding gap faced by the government, driving the authorities to explore new channels and maintain a balanced budget, said analysts.

China's key Shanghai Composite Index lost 1.52 percent to close at 2,923.49 points on Thursday, while the smaller Shenzhen index shed 2.31 percent to close at 10,941.01 points.

China's major telecommunications carriers are racing to commercialize 5G services, aiming to be at the forefront of the next-generation mobile communication revolution and generate new streams of revenue.

China's factory and service sector activities expanded in June as the economy continued to recover from the shocks generated by the COVID-19 pandemic, data from the National Bureau of Statistics showed on Tuesday, the last day of the first half of the year.

China's chemistry, material sciences, physics, engineering, math and geology are close to leading the world, he said.