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China's new bullet train models, "Fuxing", or rejuvenation, were officially launched on the Beijing-Shanghai high-speed railway line and had its first ride on Monday.

China's leadership has explained the "new development paradigm "as a model that shifts economic growth drivers from factors of production to innovation, and from investment alone to both consumption and investment.

China's finance ministry said Tuesday that raising funds was not the main purpose of the offering as China sees sustained economic growth and ample foreign exchange reserves.

China's consumer inflation eased for a second straight month, dragged down by lower food prices. Analysts said consumer inflation would continue to be stable this year despite the recent spike in international oil prices.

China's major State-owned oil firms have been told to maximize production at domestic gas fields. An NDRC spokesperson said Monday that gas supply for industrial use will be reduced moderately to better meet household demand.