Last year, China experienced a decline in GDP growth, along with a steep drop in consumer sentiment exacerbated by an anti-corruption campaign that dampened the intention to spend in lower-tier cities in particular. This year, although business activity was slow in the first quarter, the economy has shown signs of stabilizing, with improved consumption growth. After dropping to a five-year low in January and February, total retail-sales growth increased in May to 12.5 percent, its fastest pace since December of 2013.

In another sign that China's booming economy may be slowing, the country's manufacturing sector contracted in June after facing a credit crunch and seeing a decline in orders from Europe and the U.S., a survey said.