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Citing three people with knowledge of the decision, The Washington Post reported Thursday that the decision had been made because "the novel coronavirus is causing extreme volatility in the US economy, making it difficult to model economic trends."

Clini said China is fully aware of the overcapacity issue and is also implementing new environmental measures. As a result, "a big restructuring of the Chinese steel market is taking place and China is becoming a world leader in innovative environmental technologies," he said.

Closer links between businesses and learning institutions will pave the way for greater progress

Choosing 7.5 percent as a reference is random; widening the fluctuation range represents a step forward moving to a more market-based onshore foreign exchange regime, the report said.

Chinese search giant Baidu Inc is accelerating its steps to commercialize self-driving technology as part of its broader drive to boost the smart transportation industry across the nation.