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China's economy expanded in the second quarter at a better-than-expected pace of 6.9 percent year-on-year. The International Monetary Fund (IMF) on Monday revised up China's growth forecast for 2017 and 2018 to 6.7 percent and 6.4 percent respectively.

China's firm steps in financial opening-up will also act as a force against de-globalization, which has gained some popularity amid the global COVID-19 pandemic, and therefore contribute to global economic stability, Zhang said.

China's holdings of US treasuries dropped by .6 billion to .1766 trillion in November last year. China remained the largest holder of US treasuries.

China's efforts to promote the use of biofuel received key impetus last month with the announcement of encouraging initial findings of a pilot project involving biodiesel in Shanghai, and from rapid progress in the adoption of bioethanol gasoline elsewhere.

China's meteorological authority has issued its first red alert of the year for a typhoon on Tuesday morning, with super typhoon Maria expected to hit Fujian and Zhejiang provinces with heavy rains and powerful winds on Wednesday.