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China's economy has been transiting from a phase of rapid growth to a stage of high-quality development, Xi said in his report at the opening session of the 19th National Congress of the Communist Party of China (CPC).

China's international trade in services dropped by 14.7 percent on a yearly basis to 2.2 trillion yuan (6.27 billion) in the first half of the year due to the COVID-19 pandemic and weak overseas demand. Despite the decline, the country's services exports outperformed imports, with the deficit narrowing by 46.1 percent from the same period of last year to 401.7 billion yuan.

China's newly revised Budget Law stipulates that local government can issue bonds－general bonds and special bonds－through a national quota-based mechanism, but more detailed management should be improved.

China's foreign exchange reserves rose for the fifth month in a row in June, indicating easing capital flight pressure.

China's inland pilot free trade zones are deploying more resources to invest in airport extensions and logistics projects to turn themselves into "China's Memphis"－to compete with free trade zones near the coast.