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Being the world's top two economies, a good China-US relationship benefits the world, while a bad one harms all, he said.

Between 2002 and 2004, Zhang was deputy director-general of the Foreign Ministry's Department of International Organizations and Conferences, having previously served as deputy director of the Administration Committee of the Ningbo Economic and Technological Development Zone, Zhejiang province, from 2000 to 2002.

Beyond restoring consumer confidence, Tsang said that companies should also scramble to get creative on the back end to improve efficiencies and cut operating losses.

Besides, growth momentum has received a boost from the country's policy to allow married couples to have up to two kids, higher disposable incomes, rapid urbanization and smart city projects.

Besides, due to the reduction of overcapacity and the elimination of illegal inferior-quality steel production, steel enterprises have been enjoying higher profits, and thus have sufficient capital to upgrade production process and adopt effective environmental protection equipment, he said.