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The scale of China's consumer finance market will amount to 25 trillion yuan ($3.5 trillion) by 2027, with annual growth rates reaching about 7 percent in the next five years, according to a report released by global consultancy Boston Consulting Group.

China will impose a consumption tax on e-cigarettes sold domestically beginning Nov 1 to better play its role in guiding healthy consumption, according to a joint statement by the Ministry of Finance, the General Administration of Customs and the State Taxation Administration.

China will become the world's biggest luxury goods market by 2025, with Chinese consumers set to account for nearly half of the global spending in the sector in the same period, a new report said.

China's consumer price index (CPI), a main gauge of inflation, rose 2.4 percent year on year in May, moderating from the 3.3-percent growth in April, according to data from the National Bureau of Statistics.