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Deng said China may announce fresh regulations on cryptocurrency trading as over 80 percent of the global Bitcoin trade was made through the Chinese currency.

Despite a lower deficit-to-GDP ratio, China has raised the budget for this year's general public expenditure by 7.6 percent to 21 trillion yuan, higher than a 6.1 percent rise in budget revenue.

Despite the common belief that the juvenile justice system should focus on protecting and rehabilitating underage perpetrators, many people say very young offenders should receive punishment for serious criminal offenses.

Despite the easing of growth, economists said that as China's supportive policies take effect, growth is expected to stabilize and recover as early as the first quarter of the year.

Describing the job market as "stable overall," Mao Shengyong, spokesperson for the NBS, said the country created 3.24 million urban jobs in the first quarter, 29.5 percent of the annual goal.