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The high demand for palm oil may have contributed to the rapid expansion of palm plantations, with producers clearing forests to cultivate more palm trees, raising concerns over the habitats of endangered animals such as orangutans and Sumatran tigers.

The guideline encouraged commercial banks to substantially increase loans to smaller firms and extend their loans without requiring the repayment of due principal.

The headline Purchasing Manager's Index (PMI) rose from 38.5 in November to 42.1 in December, the slowest deterioration in the health of the private sector since July, IHS Markit said in a report.

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The heavy-lift carrier rocket Long March 5 blasts off Nov 3, 2016 at Wenchang Space Launch Center in South China's Hainan province.[Photo/Xinhua]

The headquarters also said the typhoon brought torrential rains in the two provinces, with precipitation of up to 238 millimeters from 2 am to 1 pm. The sea level in Shacheng monitoring station in Fujian at 7:20 am on Wednesday reached 4.4 meters, the highest on record since 1956. The speed of the gale at the typhoon's center decreased to 83 k/h by 1 pm, the headquarters said.

The growth rate was 0.4 percentage points lower than that at the end of June, and up 2.6 percentage points compared with that in the same period last year, said the People's Bank of China, the central bank.

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The government's total fiscal revenue recorded a growth of 10.6 percent in the first half this year, compared with 9.8 percent in the same period of 2017.

The growth came despite the impact of the COVID-19 pandemic, which has been affecting the globe.

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The growing importance of Asia's major economies will continue in 2018 and beyond, according to a league table that sees the region dominating in terms of size in just over a decade.

The government, while recognizing its dependence on debt, has reduced the ratio of debt to revenue from 35.3 percent in fiscal 2017 to 34.5 percent in fiscal 2018.