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Any solution reached in Washington will require compromise on both sides because of the wide political gulf on the issue.

Another round of heavy rain in the upper streams of the Yangtze is expected from July 8, according to the headquarters.

Apart from short-term fiscal and monetary policy reactions, China needs to carry out structural reforms to boost productivity growth by further reducing distortions such as those in the allocation of land and capital. Promoting competition and opening-up to encourage greater diffusion of technologies, and stimulating discovery through investment in R&D, including basic research, is also necessary, he said.

Ant Group, a Chinese financial technology company which manages the mobile payment service Alipay, seeks to pass the HKEX hearing for its IPO as soon as next Tuesday, and is expected to float on the Shanghai and Hong Kong bourses by late October, according to Hong Kong Economic Times (HKET).

Announcing the decision, the highest justice authority said in a statement that courts around the country need to strictly distinguish between economic disputes and economic crimes, as well as to clarify the boundary between financing and illegal fundraising.