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China issued local government bonds worth 883 billion yuan in August, up from the 757 billion yuan in July, with the tally for the first eight months of this year reaching 3 trillion yuan.

China is working to maximize investment returns of its foreign exchange reserves amid global economic downside risks, focus more on maintaining sufficient reserves and increase gold purchases to prevent market shocks, said officials and analysts.

China pledged to deepen SOE reform in this year's annual government work report as a method to improve efficiency. Apart from measures like cutting capacity, managing "zombie companies," excising layers of hierarchy and calling for innovation among firms, China also introduced a mixed-ownership system.

China still has weak links in technology as well as its industrial and supply chains, while circulation in the financial sector and the real economy is not sufficiently smooth, said Wang.

China was the first country to take action to ground the aircraft from commercial flights following the two crashes. The CAAC recently suspended the airworthiness certificate application of B737 MAX for Chinese airlines, which means that no new deliveries of this model will take place in China until the jet is confirmed to have no design flaws.