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The report also said that the Belt and Road Initiative has generated significant interest among countries in region, given their substantial infrastructure needs and China's ability to offer the expertise to deliver large-scale infrastructure projects.

The regulator said it has been working to implement measures aimed at further opening up of China's banking and insurance sectors since the beginning of the year.

The report noted that slower economic growth would affect the speed of urbanization and confidence in the real estate market.

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The remarks came after the second and the third largest telecom operator in the country announced in a rare move on Monday their cooperation on building and sharing 5G network infrastructure.

The report comes as Washington is considering a broad tariff plan against Chinese imports, raising wide concerns about escalating trade tensions between the world's two largest economies.

The remarkable achievement will reinforce that Chinese companies are at the forefront of EV battery innovations, industry insiders said.

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The regulator put a maximum credit limit on consumer loans without collateral of 200,000 yuan (,273) per borrower, and the term of a loan would be no more than one year.

The report came just days before President Xi Jinping meets German Chancellor Angela Merkel, European Council President Charles Michel and European Commission President Ursula von der Leyen in a video conference on Monday. The negotiations for a bilateral Comprehensive Agreement on Investment, which both sides hope to conclude by the end of this year, is expected to be high on the agenda.

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The removal of these countries from the US' internal list of developing nations will make it easier for the US to launch an investigation into whether these countries are unfairly subsidizing exports.

The regulation was issued after a major car accident that killed 15 people and injured 36 Saturday evening in Lanzhou, Northwest China's Gansu province, 50 meters from the Lanzhou South Toll Station on the expressway.