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China's tax and fee reduction initiative may boost overall economic growth by 0.8 percentage point this year, and policymakers are saving money to support economic growth through controlling unnecessary expenditures, Finance Minister Liu Kun reported to the country's top legislature on Wednesday.

China's position on the peninsula's nuclear issue is important, particularly given that great changes have taken place in the international situation and Washington and Pyongyang are in talks for a new meeting between Kim and Trump, Ruan said.

China's trade surplus with the United States in the first quarter was 342.1 billion yuan (.7 billion), a year-on-year increase of 6.7 percent, according to the General Administration of Customs.

Chinese LNG prices have fallen by 33 percent in the past few days, thanks to the governmental regulation and rebalancing of supply and demand, ending the ever soaring price of the clean fuel due to China's winter gas crunch.

China's steel market witnessed hot demand in 2019 thanks to the steady operation of infrastructure building, real estate and other downstream industries.