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China's foreign trade has always been in line with market principles and conducted fairly. The US buys more from China than it sells, and it also has self-imposed restrictions on exports of some products, which has naturally resulted in deficits, he said.
China's exports to the US expanded 14.5 percent year-on-year, and imports from the country increased by 17.3 percent, it showed.
China's manufacturing purchasing managers index stood at 52 in March, up from 35.7 in February, showing a significant, positive change in production and business operations from the previous month.
China's fiscal framework has made significant strides over the last decade, through more comprehensive budget reporting and the development of more transparent municipal financing channels. Fiscal reforms are nevertheless far from complete, said Fennell.
China's energy demand growth is expected to slow to 1.1 percent per annum by 2040, less than one fifth of its pace in the last 22 years of 5.9 percent per annum, according to the BP Energy Outlook 2019.
