China, Chen said, will continue to improve its business environment, promote opening-up at a high level and across the board, and further expand sectors for opening-up, so as to deepen reform in a comprehensive manner.

Highlighting the passage of the Foreign Investment Law at the National People's Congress -- China's legislature - in March, the deputy central bank chief said that subsequently, relevant laws and regulations will be revised in line with the principle of competitive neutrality.

"Policies and measures that hamper the growth of private businesses or fail to treat domestic and foreign investors as equals will be overhauled," he said.

Noting that a fair competition review system will be implemented across all levels of government this year, Chen said such a system will review all business-related policies, rules and measures, "and mechanisms for filing complaints and third-party evaluations will be established to forestall and redress any action that may preclude or constrain competition."

The IMFC meeting is part of the ongoing Spring Meetings 2019, which is co-hosted by the IMF and the World Bank in Washington.

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