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"Compared to the first half of this year when liquidity was adequate, economic recovery has become the new theme of the market. Therefore, undervalued companies and cyclical sectors may provide the maximum opportunities," he said.

"China's door of opening-up will not be closed and will only open even wider," Xi said at the opening ceremony of the annual Boao Forum for Asia in Hainan province in April.

"Compared with our October 2017 projection, which preceded the recent US tax and spending changes, we now expect the United States' current account deficit for 2019 to be roughly 0 billion higher," he said.

"China's steady banking and insurance sector is serving the real economy more efficiently and effectively," said CBIRC spokesperson Xiao Yuanqi.

"Continued reforms will support further transition in economic structure, with more energy pumped into innovation," the report said.