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China's leading digital payment platform Alipay unveiled a three-year plan on March 10 to support the digital transformation of 40 million service providers by working with 5,000 independent software vendors.

China's online retail revenue reached 2.2 trillion yuan in the first quarter, down 0.8 percent year-on-year, according to the National Bureau of Statistics. Products sold online accounted for 23.6 percent of China's total consumer product consumption, 5.4 percentage points higher from the same period of last year.

China's listed real estate enterprises are likely to face big challenges in both sales and financing this year due to stricter measures, according to a report of the China Index Academy.

China's commercial banks made combined net profits of 522.2 billion yuan (.2 billion) in the first three months, up 5.86 percent year-on-year, data from the China Banking and Insurance Regulatory Commission showed.

China's economy has maintained rapid growth over previous decades, but it still does not produce the full range of goods and services that increasingly wealthy domestic consumers demand, according to a report released by the think tank.