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China has been promoting the development of intelligent and connected vehicles through favorable policies, and testing zones have been set up in a growing list of cities including Beijing, Shanghai, Hangzhou and Chongqing.

China has come to the right and appropriate time to move a step forward, mainly supported by relative stable economic fundamentals and better market expectations for the currency, according to Zhang Bin, one of authors of the report.

China has no intention to gain trade advantages by devaluing its currency, as the yuan's depreciation cannot necessarily lift exports, said Song Xiangyan, an analyst with the PBOC.

China has become one of the largest import markets for beef. Lifting the ban means new opportunities for the US cattle producers, who will be regaining access to an enormous market with an ever-expanding middle class.

China has entered into 106 bilateral tax treaties with different countries and regions, including 54 economies along the Belt and Road, an international cooperation initiative proposed by President Xi Jinping in 2013.