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China's economic fundamentals remain sound and there is no basis for long-term depreciation of the yuan. The RMB exchange rate is sure to gradually reach a new equilibrium after a fluctuation period, the report added.
China's financial sector will play an important role in changing the world economy in the coming decades, when financial resources could be allocated worldwide more efficiently through supportive opening-up measures. [Photo/VCG]
China's fiscal spending expanded 15 percent year on year to more than 5.86 trillion yuan in Q1, according to the ministry.
China's ongoing supply-side structural reform has led to reduced production capacities and rising prices in steel, nonferrous metals and some other products. Prices of commodities futures, such as steel rebar, started to rise in June through early this month, contributing to corporate profits.
China's international payments under the current account have been basically balanced in recent years, with the current account surplus accounting for 1.3 percent of China's GDP in 2017, according to Wang.
