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By Sept 7, the average price of praseodymium-neodymium oxide, the iconic rare earth product, rose to 520,000 yuan (,280) per metric ton, a 6.1 percent increase over the price only a week ago, and double the price at this time last year, according to Baiinfo.com, a raw material information provider.

But to ward off potential financial risks and achieve more sustainable growth, last year the country tightened financial regulation, strengthened environmental protection, and moved to strictly control property prices, which had soared in recent years, measures that have also dampened growth.

By February, China had set up over 160,000 5G base stations and launched large-scale commercial use of the telecommunications network in 50 cities, with the number of users reaching 13 million, according to data from the academy.

By 2022, all small private businesses applying for access to low-voltage electricity will be exempt from making investments, the Cabinet said, adding that the move is expected to save them a total of 130 billion yuan (.2 billion).

But the notice did not reveal details. Guangzhou is the first city to have issued such a notice in Guangdong province, window of China's reform and opening-up and the region with the country's largest number of migrant workers.