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China's leading role in 5G is backed by a proactive government intent on delivering rapid structural change, said Mats Granryd, director general of GSMA.

China's currency, the yuan, is convertible for trade purposes under the current account, while the capital account, which covers portfolio investment and borrowing, is largely run by the state in an effort to manage capital flows in and out of the country.

China's financial authority has reiterated improving the financial supervision system and enhancing the system's transparency and rule of law while actively resolving financial risks and resolutely maintaining financial stability, according to a statement issued by the Financial Stability and Development Committee under the State Council after a meeting chaired by Vice-Premier Liu He on Saturday.

China's current account surplus expanded in nominal terms to billion, or 1.4 percent of the GDP, in the second half of 2017 from billion, or 1.5 percent, in the second half of 2016. "But it remains significantly below its 2007 half year peak over 10 percent of GDP," the Treasury report said.

China's foreign exchange reserve will basically remain stable given the stabilizing economic growth prospect and the stable foreign exchange rate, the central bank said on Friday.Zhou Xiaochuan, governor of the People's Bank of China, said the country's foreign exchange reserve has been affected by international asset prices but there have not been any major changes in China's balance of international payments.The country saw its foreign exchange reserve drop to the level of trillion in January of last year and then it increased continuously over the past 12 months, according to Pan Gongsheng, vice-governor of the central bank and the head of the State Administration of Foreign Exchange.Pan said China's economic fundamental and foreign exchange rate will stay relatively stable and the country's foreign exchange reserve will also remain basically stable.