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China's economic growth would slow down to 4 percent to 5 percent by the end of 2021 and the appreciation of RMB would level off, the note added.

China's liabilities had been rising rapidly during previous years, with the macro leverage ratio rising 13.5 percentage points each year from 2012 to 2016.

China's fixed-asset investment went down 3.1 percent year on year in H1, narrowing from the 6.3-percent decline in the first five months, data from the National Bureau of Statistics showed.

China's new generation AI industry is growing steadily, and diversified applications are leading the technology into a rapid growth period, the 2019 White Paper on New Generation of Artificial Intelligence Industry shows.

China's consumer-oriented digital economy will gradually transform into a producer-oriented one, said Bai Chongen, dean of Tsinghua University's School of Economics and Management and a national political adviser, on Wednesday.