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China's economy grew better than expected in the first quarter and market confidence was raised in an outstanding way, according to a statement from a meeting presided over by President Xi Jinping on Friday.

China's currency, the yuan, is convertible for trade purposes under the current account, while the capital account, which covers portfolio investment and borrowing, is still largely controlled by the state due to concerns over abrupt capital flows in and out of the country.

China's leading automaker, FAW Group, a State-owned enterprise based in Changchun, Jilin province, announced that it had sold 200,000 Hongqi brand vehicles as of Sunday, achieving a fivefold increase within five years.

China's economic growth remained "largely stable" in October, although downside pressure has continued to grow, the National Bureau of Statistics said on Thursday.

China's manufacturers face a downshift in growth, structural adjustment and a shift in growth engines, according to Miao Wei, minister of industry and information technology, earlier this week.