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China announced revised regulations on Friday to implement the new version of the Budget Law, which will take effect on Oct 1. The move underscores the authorities' goals of tightening budget management and curbing risks in local government debt, according to the Ministry of Finance.

China has been expanding its underground gas storage facilities in an attempt to shift away from coal and oil, and to avoid a repeat of the gas shortage during cold snaps last winter.

China has also increased investment in skilled workers' schools and technical institutes. Yang Jingyuan, the principal at Yunnan Transport Technician College in Yunnan province, said the government is investing more than 400 million yuan in his school from 2016 to 2020, which is "much more than the total the government invested in the past 30 years".

China floated the idea of BRICS Plus in March to expand the bloc's partnership, including some from G20 members, especially with developing countries. Members are set to consider the initiative during the upcoming summit scheduled for Sept 3 to 5 in Southeast China's coastal city of Xiamen.

China has more than 4,000 small and medium-sized banks, with total assets of about 77 trillion yuan. These banks have limitations in management capacity, and their targeted clients are usually micro, small and medium-sized enterprises. During the novel coronavirus outbreak this year, small and medium-sized banks were noticeably affected by the pandemic, said Cao Yu, vice-chairman of the China Banking and Insurance Regulatory Commission, at a news conference on April 22.