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China's GDP expanded 6.9 percent year on year in the first quarter, up from the 6.8-percent growth of the previous quarter and 6.7 percent in 2016.

China will encounter unique difficulties when compared with other parts of the world, therefore it will have the opportunity to discover innovative solutions and promote technical development, enabling the country to take a leading role in these endeavors, added Li.

China's booming car-sharing sector has great potential, with demand unlikely to be fully met by current industry players in the short term, according to consultancy firm Roland Berger.

China will release at an "appropriate" time the list of products imported from the United States on which it will impose reciprocal tariffs in response to Washington's decision to impose restrictive tariffs on imports of steel and aluminum products, the Ministry of Commerce said on Thursday.

China will ramp up its competitiveness in high value-added manufacturing categories such as information technology, emerging industries and household appliances, said UBS researcher Hou Yankun.