(Yicai Global) July 22 -- Below is a roundup of Yicai Global's top financial, business and markets news on China last week. 

China's gross domestic product grew at a clip of 6.3 percent to CNY45.09 trillion (USD6.6 trillion) in the first half of this year, according to data from the National Bureau of Statistics. 

China's fiscal revenue rose 3.4 percent to CNY10.8 trillion during the first six months of this year while government expenditure surged 10.7 percent to CNY12.4 trillion, the Ministry of Finance revealed.

In the first half, Chinese people and institutions poured CNY346.8 billion (USD50.4 billion) into foreign direct investment, excluding the financial sector, 0.1 percent more than during the same period of last year, according to the commerce ministry. 

China will seek to alleviate poverty via issuing new loans and extending old ones, the China Banking Regulatory Commission, the Ministry of Finance, the People's Bank of China, and the State Council Leading Group Office of Poverty Alleviation and Development said in a joint statement. 

Profits of Chinese funds reached CNY39.6 billion in the second quarter. Their gains in the first half of this year rose to CNY656.4 billion.

Unlisted Chinese banks, especially small and medium-sized banks, that have more than 200 shareholders may issue preferred shares to replenish their capital reserves, the China Banking Regulatory Commission said in a statement. 

China will step up its financial opening up as the Financial Stability and Development Committee under the State Council released 11 new measures to widen access in the sector. Foreign institutions are encouraged to establish wealth management subsidiaries under commercial banks. The limitation of shareholding ratio for securities firms, fund management companies and futures enterprises will be lifted in 2020 instead of the original plan of 2021. 

China Southern Airlines, one of the nation's largest air carriers, has attracted CNY30 billion in investment from three entities to accelerate its mixed-ownership reform. 

The Shanghai Composite Index closed at 2,924.20, 6 basis points lower for the week. The Shenzhen Composite Index closed at 9,228.55, 15 bips higher. The ChiNext Price Index, which tracks growth enterprises in Shenzhen, advanced 24 bips during the week to 1,541.98 points.

Editor: Emmi Laine