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China's economy grew 6.9 percent in the first quarter this year, accelerating from 6.8 percent in the last quarter of 2016.

China's economic fundamentals remain sound and there is no basis for long-term depreciation of the yuan. The RMB exchange rate is sure to gradually reach a new equilibrium after a fluctuation period, the report added.

China's enthusiasm for clean energy is pushing the world to transition toward a low-carbon future, with plans to invest 2.5 trillion yuan (0 billion) in renewable energy by 2020, creating more than 13 million jobs, according to the National Energy Administration.

China's investment in the green energy sector reached .8 billion last year, ranking first in the world, according to a report released by China Economic Information Service.

China's faster rebound is a rare positive for a global economy still clawing its way out of its worst slump since the Great Depression. The International Monetary Fund sees global output by the end of 2021 being 0.6 percent higher than the end of 2019, driven almost entirely by China, Bloomberg reported, and the proportion of worldwide growth coming from China is expected to increase from 26.8 percent in 2021 to 27.7 percent in 2025.