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China had 340 million motor vehicles by the end of June this year, while the number of NEVs had reached 3.44 million, according to figures released by the Ministry of Public Security on Wednesday.

China has largely lowered the threshold of market access, fully opened the manufacturing industry and is accelerating the opening-up of the service industry, he said.

China currently has more than 84 million mu (5.6 million hectares) of vegetables grown in the fields. Data from the ministry's 1,000 vegetable monitoring centers showed that supplies increased 2.7 percent year-on-year in the recent two months.

China disposed of a total of 2 trillion yuan (around 8.75 billion) of non-performing loans last year, Huang Hong, vice-chairman of the China Banking and Insurance Regulatory Commission, told a press conference Monday.

China has nearly 4,450 shopping centers — four times the US — and an additional 7,000 are estimated to open by 2025. A 2016 report by the Chinese Academy of Social Sciences predicted that one-third of China's malls will be history by 2020, unless they transform.