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Although infrastructure spending will pile up local government debt, statistics suggest the risks are controllable, as China has been taking steps to expand financing channels for cash-strapped local governments.

An indirect tax typically on an ad valorem basis, turnover tax applies to a production process of a business with the tax rates varying from 3 percent to 15 percent according to different sectors, while a VAT is taxed on the difference between a commodity's price before taxes and its cost of production.

The downpour on Saturday, reportedly the heaviest rain to hit the city in six decades, unleashed a city-wide average of 170 mm of precipitation, with Fangshan receiving a record 460 mm of rain.

The scene was read by some as a symbol that the government is once again relying on investment to spur growth, which they think will lead to future troubles.

The company remains the country's largest gold producer in terms of gold reserves, output and market share of gold investment products, Sun said.