The council made its decision on Wednesday, and now the government will need to enter negotiations with the United States about what to do with payments and the purchase contract already made for the Aegis Ashore missile defense systems.
The country has been pushing supply-side structural reform to promote a balance between demand and supply.
The country later lifted the ban in 11 provinces including Jilin, Liaoning and Heilongjiang provinces in the northeast, Henan and Hebei provinces in the north, Anhui, Shandong and Jiangsu provinces in the east, the central province of Hubei, and Guangxi Zhuang Autonomous Region in the southwest.
The country will mobilize strength from inland provincial areas to strengthen the stockpile of medical supplies and lab testing capacity in border areas and port cities, the group said.
The consumer sectors have seen the best upward revisions to earnings, and are also among the top performing in the market, showing investors have been rewarding the improvement.
The country's GDP grew 6.9 percent in 2017. GDP growth data for the first quarter are scheduled to be released on April 17.
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The country has expanded the pilot program to spur innovative development in the services trade in 28 cities and regions, including Beijing, Xi'an and Urumqi, underscoring the country's efforts to stabilize foreign trade and foster new growth drivers amid the COVID-19 pandemic.
The country is willing to work with the international community, create a good environment for the orderly export of medical supplies and support the global fight against the pandemic, Liu said.
The country has made innovative development the priority among its five development concepts. The report of the 19th National Congress of the Communist Party of China said innovation is the "first force" to drive development.
The conference will be streamed live as well.