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The Kingdee Cloud Galaxy product designed for growth enterprises lost about 10 million yuan in the first half, but Xu said it is expected to turn a profit later this year. Kingdee Cloud Cosmic, which focuses on providing services to large enterprises, still needs two to three years to break even, the top official added.

The IMF's bylaws call for the institution's head office to be located in the largest member economy.

The IPO is another sign of China's rising might in the technology industry, which has become a flashpoint for trade tensions with the United States. A generation of up-and-comers such as Meituan are emerging to build out an industry that has been dominated by Tencent Holdings Ltd, Alibaba Group Holding Ltd and Baidu Inc.

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The Japanese side spoke highly of the achievements and significance of the CPC congress and expressed the wishes for continued improvement and development of bilateral relations.

The Id Kah Mosque, built in 1442 in Kashgar, Xinjiang Uygur autonomous region, is one of the largest in China. [Photo by Weng Huan/For China Daily]

The Liao Dynasty was founded by the nomadic Khitan who ruled the northern part of China. Shangjing, now located in Bairin Left Banner in Inner Mongolia, was first built in 918. The excavation on the ruins site started 12 years ago.

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The Ministry of Finance estimated that most companies have seen a 40 percent cut in VAT payments. Liang Hong, chief economist with China International Capital Corporation, believes tax reform will help businesses cut spending, increase revenue and boost employment in the long term.

The IMF wrote in its Financial System Stability Assessment Report that the system, which was put in place in 2015, is able to take care of any insolvency problem effectively.

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The Internet Plus model will be further promoted during the government oversight process, with technologies such as big data set to be employed to make regulatory responses to wrongdoing more timely, precise and effective. The protection of credit information, trade secrets and individual privacy will be bolstered, the statement said.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 8.5 percent year-on-year to 192.14 trillion yuan at the end of June, according to the People's Bank of China.