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China's home-grown auto makers have gained a one-third share of the domestic market, 28 million vehicles in 2016, turning themselves from imitators to initiators in research and development.

China's financial center Hong Kong overtook the New York metropolitan area as the world's largest ultra-high-net-worth city in 2017, with rapid growth in UHNW population, individuals with a net worth of million or more, research company Wealth-X reports.

China's economy continued steady expansion in the first half of this year with GDP up 6.9 percent year on year to about 38.2 trillion yuan (.6 trillion), according to the National Bureau of Statistics (NBS).

China's new economic model can be viewed partly as a way of preparing for this shock while at the same time working to keep the sustainable benefits of openness and international trade. But, more importantly, the new model is a response to fundamental changes in China made possible by rising incomes and long-term improvements in productivity.

China's manufacturing sector had "come under greater pressure" in May, said Zhong Zhengsheng, director of macroeconomic analysis at CEBM Group, a subsidiary of Caixin Insight Group. Zhong believes the economy is on a downward trajectory.