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China was the first to ground MAX jets last March after crashes Oct 29, 2018, in Indonesia and March 10 in Ethiopia killed 346 passengers and crew. Investigators have focused on the MAX's Maneuvering Characteristics Augmentation System (MCAS), an anti-stall device that may have erroneously pointed the nose of the planes down to gain speed to prevent a midair stall and into a fatal plunge.

China is willing to see all relevant parties make efforts toward denuclearization and the establishment of a peace mechanism on the peninsula, he said, adding that China will continue to play a constructive role in this regard.

China should improve investment and market environment, make bigger strides in opening up, reduce the cost of market functioning and create a stable, fair, transparent and predictable business environment. In this way the government can speed up the development of new institutions of the open economy and promote sustained and sound economic growth.

China needs to first clarify different responsibilities between central and local level regulators, and local governments need to be given more freedom to oversee innovative financial products, according to Yang.

China still faces a number of major economic challenges that could dampen its future growth, such as the continued global spread of the coronavirus and an unfavorable international economic and trade environment, he said.