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The big four banks have extended CNY196billion of new loans in the month as of July 28th, compared with CNY270 billion in June.

The PMI was 47.7 in July, down from June's 48.2 and matched a preliminary figure published last week.

The result beat a market consensus of 49.8, bolstered by strongly rebounded major-sub indices.

Lin stays upbeat that China will maintain growths between 7.5pc-8pc in the following two decades.

In the next half, the government should maintain "a steady growth" in the economy, as it sticks to the balance between growth, restructuring and reforms

Tax revenue in the first six months totaled CNY 5.93 trillion ($966billion), representing a 7.9 percent growth on a yearly basis, compared with a 29.6 percent and 9.8 percent growth in the same period of 2011 and 201

O'Neil said what really should be worried is that China would keep growing at 10 percent, placing huge pressure on natural resources as well as causing social problems

The National Audit Office will conduct an overal review of local debts this week, acting on the request of the cabinet.

The country has long been working on a mechanism whereby the central government will handle the calculation of the local GDP but no substantial progresses have been reported.

His remarks came days after China's State Council, the cabinet, unveiled a three-pronged plan to support the slowing economy, including a tax cut for small companies.

The corporate tax rate in China is roughly at 40%, after taking into account all kinds of charges, government funds and pension payments

Wednesday's tax cut was part of a three-pronged program.Others include a reduction of costs for exporters and guarantee of funds for the construction of railways.

The government expects the sector to record at least 20 percent year-on-year growth over the next three years

An economic growth below 7 percent would be intolerable, said Li at a recent conference on economy gathering the nation’s think-tanks.

The sub-index new orders feel to its lowest in 11 months, and stayed below 50 for a third consecutive month

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