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Apart from raising the reverse repo rates in March, the central bank has also stepped up financial deleveraging efforts.

Anna Gao, vice president of Tencent Games, said the cooperation could leverage technological and innovative means to build a healthy online environment for Chinese children.

Apart from its role in the service industry, the sharing economy contributes to employment and consumption. "Food delivery services, as part of the sharing economy sector, boosted employment in the country. Take Meituan Waimai as an example, a total of 2.7 million employers earned money from the platform in 2018, 22.7 percent higher than the previous year. There are over 600,000 active delivery drivers every day," said Zhao Dawei, director of the research center under online food review and delivery company Meituan-Dianping.

Another cause was the implementation in July of stricter State VI emission standards earlier than the central government's 2020 deadline by 15 cities and provinces, Xu explained.

Another report showed that in China women now hold 50 percent of primary or low-level posts, while a striking of 8 percent of board members are women.