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The report said there is a risk of a broad global recession leading to demand-driven contraction, which could lead to a more prolonged L-shaped recovery path for China. However, China's reliance on exports is much reduced relative to the time of the global financial crisis of 2008-09. The share of exports to GDP has fallen significantly since that crisis.

The report said China's new laws and regulation on cybersecurity, medical devices, new energy vehicles and the reintroduction of customs duties on ITA (information technology agreement) products, as well as forced key technology transfers have built up trade barriers.

The regulation also divides shareholders to categories including financial investors, strategic investors and controlling investors, and sets clear requirements on the isolation of risk, connected transactions and information disclosure.

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The regulation on Party building in the People's Liberation Army will help ensure that the armed forces will forever preserve their nature, purpose and character as the military of the people and will develop the PLA into a world-class military, the statement said.

The removed models were eligible for purchase tax exemption since before 2017, but have not been put into mass production, according to an announcement by the Ministry of Industry and Information Technology on May 22.

The relations were forged in firm militant friendship and genuine trust deepened at the cost of blood and life, not merely for the reason that the two countries are geographically close to each other, Kim said.

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The regional government has also made efforts to help those living under the poverty line to find jobs.

The report showed that in the first half, the net profit of city and rural commercial banks dropped by 12.6 percent year-on-year in Northeast China, 8.65 percent in the Circum-Bohai Sea region and 0.16 percent in West China. In the central and southeast coastal regions, however, the net profit of city and rural banks grew 0.87 percent and 5.36 percent, respectively.

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The report also shed light on other traffic conditions: Xi'an had the best effect of the odd-and-even license plate rule; Harbin, Guangzhou, Urumqi, Qingyuan were most congested during morning rush hours, evening rush hours, off-peak hours, and holidays respectively; Jinan had the longest hours of traffic congestion; and Hong Kong had the highest cost of traffic congestion.

The remarks came after the company's pledge earlier in March to invest over 170 billion yuan (.42 billion) to support grid construction in the Pearl River Delta, China's major economic hub covering Guangdong's capital city Guangzhou, Shenzhen and many other cities in Southeast China, to better support the power supply of the Guangdong-Hong Kong-Macao Greater Bay Area.