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The current occupancy rate for local hotels hovers at around 80 percent, but investors are reluctant to plow more money into new hotels, he said.

The country's service trade deficit stood at about 1.62 trillion yuan (5 billion) last year, according to the MOC report issued last week.

The country's top financial regulatory body will also accelerate the launch of supervision guidelines on large financial holding groups, as well as tighten regulations on internet-based financial companies, to stabilize the financial sector and prevent risks, the central bank said in the report.

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The country's tourism industry has seen a vibrant recovery amid effective COVID-19 epidemic control, the company said, adding the robust travel demand is fueled by this year's longer holiday as Mid-Autumn Festival overlaps with the week-long National Day holiday.

The country's car market as a whole slumped 12.1 percent year-on-year in the first four months of 2019.

The data also showed that although they spend most of their time on the road, more than 40 percent used their limited spare time for learning and self-development in the past year, with 9 percent choosing online classes and 2 percent attending offline lessons.

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The deal to convert the old Mercy Hospital Building into a multifunction commercial center of showrooms, office, hotel and warehouse space will cost at least million and take around a year to finish, according to Gao Long, the Houston investor.

The court will have collective jurisdiction over financial cases with the aim of letting the financial sector better serve the real economy, prevent and control financial risk, and deepen financial reform, it said.

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The deadliest crash took place due to the pilot's "missed approach," the authorities said.

The court found Wang guilty of taking advantage of his various posts in the State Administration of Taxation, Ministry of Finance, Heilongjiang Provincial Government and National Bureau of Statistics to secure projects, contracts or promotions for others.