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China will channel more resources from the Belt and Road Initiative to Africa, he said, adding that both partners should respect market principles and ensure economic and social benefits to improve the continent's capacity for sustainable development.

China plans to eliminate 100 million to 150 million tons of crude steel capacity in five years from 2016, and 500 million tons of coal. After the process around 1.8 million employees will no longer be needed, official data shows.

China was the first nation to ground Boeing MAX aircraft after the crashes, which killed a total of 346 passengers and crew. Chinese airlines flew 97 of the 371 MAX jets in service worldwide prior to the grounding, the most of any nation, flightglobal.data reported.

China raised the deduction baseline for personal income tax from 3,500 yuan to 5,000 yuan per month on Oct 1, and six categories of special deduction items, including children's education, continuing education, healthcare treatment for serious diseases, mortgage interest and rent, and senior care, took effect on Jan 1 this year, according to the Personal Income Tax Law amended on Aug 31.

China will also continue to improve the business environment and protect intellectual property rights, he added.