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China's refinery output went up 12 percent year-on-year in July, hitting the highest on record for any single month. It processed 59.56 million metric tons of crude oil, equivalent to about 14.03 million barrels per day, the National Bureau of Statistics said.

China's rapid 5G rollout has laid a sound network infrastructure for better use of the industrial internet, he said. The nation has built nearly 700,000 5G base stations, about twice the amount in the rest of the world.

China's stock market has been recovering steadily this year after market turmoil starting from the summer of 2015 once sent the major index below 3,000 points.

China's top securities regulator on Friday denied media reports about the suspension of the stock trading connect between Shanghai and London.

China's steel industry is currently undergoing restructuring and upgrades in terms of regional supply and demand, product structure, as well as steel manufacturing techniques, said Yu Hong, general manager of Four Rivers Investment Management Co Ltd.