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"China's financial sector de-risking accelerated with a wide range of decisive measures adopted; credit growth slowed; overcapacity reduction progressed; anti-pollution efforts intensified; and opening up continued," according to a statement issued by James Daniel, assistant director of the Asia and Pacific Department of the International Monetary Fund (IMF), after the IMF annual Article IV review of the Chinese economy.

"China's economy is shifting from the phase of rapid growth to a stage of high quality development. It is acceptable to see the growth surge or dip slightly, as long as we see the increase in residents' incomes, the improvement of the ecological environment and high-quality development," Yuan added.

"China's twin cushions－foreign exchange reserves and extremely high domestic savings rates－provided it with both the resilience and policy space to proactively address major economic and financial threats, unlike more-vulnerable economies. This is increasingly important in a crisis-prone world," Roach added.

"City, town and county beaches may open as well on Friday of Memorial Day weekend, as long as they fully enforce the minimum rules," he added.

"Compatriots on both sides of the Straits must face challenges and together contribute to the stability of the Straits and promoting integrated development," he said.