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Although the cuts to the reserve requirement ratio and interest rates, which analysts believe will happen again times this year, are aimed at stimulating credit supply and demand, respectively, the realization of a balance between the two will need additional efforts from the government, including the assistance of fiscal policies, analysts said.

Data released by the ministry also showed that the surge in revenues was accompanied by a 12.5-percent rise in exports value of the sector in the same period, which reached 19.1 billion U.S. dollars, up 12.5 percent year on year.

China is ready to work with Singapore to further enhance mutually beneficial cooperation in various fields, he said, such as trade, investment, finance, culture, science, technology, education and social management.

The central bank has cut benchmark interest rates and the RRR twice to buoy economic growth, which registered its lowest rate of growth in more than three years during the second quarter of 2012.

More than 70,000 people were relocated due to downpours in Hebei, according to the State Flood Control and Drought Relief Headquarters.