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China's latest cut in social insurance payments will offer enterprises a strong buffer against losses caused by the novel coronavirus outbreak, officials and experts said on Thursday.

China's foreign trade in the first seven months totaled 15.46 trillion yuan, up 18.5 percent year on year. The economy saw a 7 percent dip in foreign trade volume in 2015 and a 0.9 percent decline in 2016, due to sluggish overseas demand.

China's development needs an environment of lasting peace and stability, he added, noting that China will continue the road of peaceful development, as well as opening up and win-win cooperation.

China's economic rebound gained momentum last month as official purchasing managers indexes for the manufacturing and nonmanufacturing sectors both reached their highest level so far this year, the National Bureau of Statistics said on Monday.

China's opening-up strategy has been benefiting not only China itself, but the world as a whole, he said.