President Xi Jinping has instructed local people's congresses and their standing committees to improve legislation and supervision in a creative way to better contribute to China's economic and social development as well as reforms.

China's consumption market is expected to remain stable and grow in the second half of the year, pushed by the country's stable job market and tax cut measures, as well as the new round of reform and opening-up, the Ministry of Commerce said in an online statement.

China's current account with the rest of the world will remain balanced and stable this year, easing the depreciation pressure on the renminbi despite Sino-US trade tensions, according to the country's foreign exchange regulator.