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Apart from many developed countries' efforts to prevent a recession, the weak goods demand across the globe and the appreciation of the renminbi will create obstacles for Chinese manufacturers in shipping their products in the second half of this year, he added.

Apart from policies to reduce taxes and fees unveiled at the beginning of the year, China has announced more policies to support the real economy and technological innovation, which will help reduce enterprises' burden by more than 1.3 trillion yuan (8.4 billion) this year, Liu said.

Ant Financial was a leading sponsor of a cashless alliance set up in April. The company earlier vowed to make mobile payment accessible in the whole country in the coming five years.

App of the Week: Feels for iPhone.

Another factor triggering the speeded-up capacity expansion is the domestic regulation threshold of 8 gWh annual capacity, which was set by the Ministry of Industry and Information Technology in November 2016, according to sources who declined to be named.