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China's banking and insurance regulator also instructed banks to allow enterprises to use their accounts receivable, orders, warehouse receipts and inventories as collateral to secure funds through supply chain financing, which refers to systematic financing arrangements for the benefit of all members of a supply chain.

China's central bank injected 257.5 billion yuan (.8 billion) of funds into the market on Wednesday, in a move to bolster the private sector and small businesses.

China will deepen international cooperation and put new emphasis on addressing technical shortcomings when fueling the development of the industrial internet, a frontier essential to the country's high-end manufacturing powerhouse, the top industry regulator said on Thursday.

China's average per capita disposable income is expected to grow further thanks to the country's steady economic growth and the reform on individual income tax, which has cut 855 yuan per capita in tax on average for Chinese people in Q1.

China's achievements in development are admirable, Obama said. Building constructive US-China relations is in line with the interests of the people of both countries, he said, adding that he would like to continue to play a positive role in boosting the nations' mutual understanding and exchanges.