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And ignoring the resistance of vested interst groups to reforms, China should instead deepen the reforms to enhance public confidence in their effectiveness for the betterment of the country as a whole.

An overall plan should be made to prevent major risks, carry out targeted poverty reduction and control pollution, said a Political Bureau of the Communist Party of China Central Committee meeting, presided over by Xi Jinping, general secretary of the CPC Central Committee.

Analysts believe the yuan will hopefully accelerate its global journey.

Analysts believe that the weaker-than-expected July data could prompt policymakers in Beijing to step up policy-easing measures and come up with more targeted monetary easing and possible acceleration of local government bond issuance to shore up growth in the second half of the year.

An upward trend