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"China-Singapore relations have maintained a good momentum of development, and I hope the institute will deepen the opening-up of China's education to the world, and contribute to Singapore's development as well as the future of all mankind," says Hong Xiaoyong, the Chinese ambassador in Singapore.

"China's financial sector de-risking accelerated with a wide range of decisive measures adopted; credit growth slowed; overcapacity reduction progressed; anti-pollution efforts intensified; and opening up continued," according to a statement issued by James Daniel, assistant director of the Asia and Pacific Department of the International Monetary Fund (IMF), after the IMF annual Article IV review of the Chinese economy.

"Corn production could not meet domestic demand, and the export amount was below expectations," the report said.

"China wants to become less dependent on the US and other Western suppliers," he said.

"Consumption remains the main driver of growth, contributing 60.1 percent of China's economic growth in the first half," said Tang Jianwei, chief researcher at the Financial Research Center of the Bank of Communications. "The key is to use measures to strengthen the weak links and improve people's incomes. There's certainly a lot of room for growth in consumption."