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The professor added that the traditional security model will be forced to make adjustments as it leaves an increasing number of workers untended to, though it may be a lengthy process.

The premium vehicle segment is likely to see continued growth despite the downturn of the overall market, according to carmakers.

The proportion of natural gas in the energy consumption mix will rise to about 10 percent by 2020, from about 5.9 percent in 2015, according to China's 13th Five-Year Plan (2016-20) for natural gas development.

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The progress came after the US government expanded a series of chip restrictions on Huawei in the past few months that have limited its access to semiconductor components and equipment produced by companies using US technology.

The project lying on 74,000 square meters is being constructed by China Communications Construction Company Limited (CCCC).

The president also asked Attorney General William Barr to weigh in on the issue.

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The presidential election in November adds another level of uncertainty and increased trade tensions between the US and China, the world's two largest economies, compounds the potential turmoil investors face.

The president said that Malpass "has been a strong advocate for accountability at the World Bank," and that "he has fought to ensure financing is focused on the places and projects that truly need assistance, including people living in extreme poverty."

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The producer price index (PPI), which measures costs for goods at the factory gate, rose 3.1 percent year on year in March, down from growth of 3.7 percent in February.

The premier said the Chinese economy has stable fundamentals with stably growing foreign investments, balance of international payments and affluent foreign exchange reserves. China will adhere to marketized reform and will not depreciate its currency in a competitive way.