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China too is tightening its regulatory requirements on environmental protection and pushing ahead with the reduction of excess capacity. These efforts will also cut the country's demand for commodities and affect the shipbuilding business, he said.

China launched trading of yuan-denominated crude oil futures contracts at the Shanghai International Energy Exchange on Monday, the first futures listed on China's mainland for overseas investors.

China unveiled on Sunday a new comprehensive reform plan for Shenzhen to promote high-quality development and build a pilot demonstration area of socialism with Chinese characteristics.

China will continue to deepen reform of the income distribution system, increase the earnings of low-income groups, expand the number of middle-income groups, and increase people's spending power, Ning added.

China remains the largest single e-commerce economy in Asia as the Chinese mainland’s burgeoning middle class continues to grow and embrace quality over price.