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China's negotiating with participating countries for more bilateral free-trade agreements will help address the current downturn of the globalization process, the professor added.

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.

China's current "double-track" interest rate system covers market-oriented money market rates and banks' benchmark deposit and lending rates. The latter are guided by the monetary authority.

China's economy is rebalancing itself, adding dependence on domestic demand with consumption, innovation, and higher labor productivity. It is also reducing reliance on debts for growth and steadily improving its inherent dynamism, Liu said.

China's industrial output grew 7 percent last month, quickening from the 6-percent rise in March and easily beating market expectations of around 6.4 percent, according to data from the National Bureau of Statistics (NBS).