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Detailed arrangements will be rolled out soon to clarify the main responsibilities and functions of the central bank and the two commissions. They are expected to offer more insights into the PBOC's role and its relationship with two commissions as well as the Financial Stability and Development Committee, the interagency financial coordinator created last November.

Despite the overall contraction in industrial profits, the upstream industries of nonferrous metals and oil and gas exploitation, as well as food and tobacco manufacturers, saw profits grow during the first two months, according to the NBS.

Dominguez congratulated AIIB President Jin Liqun and lauded the AIIB's "excellent" record in financing projects, as well as its organizational efficiency and focus on poverty reduction.

Digital economy accounts for 40 percent of Hebei's economic output, ranking No 12 in terms of the level of economic digitalization, Ma said, citing internal data compiled by Tencent that gauged the extent internet has penetrated and applied across all industries.

Despite the slowdown in demand, China still remains the world's largest energy consumer, accounting for 22 percent of global energy consumption in 2040, said the report.