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China will ramp up its competitiveness in high value-added manufacturing categories such as information technology, emerging industries and household appliances, said UBS researcher Hou Yankun.

China's 17 LNG terminals received shipments at an unprecedented rate last year, with some of the facilities operating well above nameplate capacity as the winter chill set in.

China's VAT rates for manufacturers remains higher than other Asian countries, including Japan (8 percent) and Vietnam (10 percent), according to Morgan Stanley.

China's auto sales dropped 2.76 percent year-on-year last year and 12.12 percent in the first four months of this year, according to the China Association of Automobile Manufacturers.

China's GDP rose 6.9 percent year-on-year in the second quarter, unchanged from the previous quarter, official data showed. The growth beat a market consensus of 6.8 percent and was well above the government's full-year target of "around 6.5 percent".