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Wang Shi, founder and chairman of China's real estate giant Vanke Co Ltd, announced on Wednesday he will step down and the company's president Yu Liang will take his place.

Wang Shuyu in Shanghai contributed to this story.

Wang recalled Macron's state visit to China last January, and said the consensus reached between the two presidents during the visit has been implemented as cooperation has generated positive outcomes.

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Wang also called for substantive progress to be made in the negotiations on the Regional Comprehensive Economic Partnership (RCEP) by the year-end and an East Asian pattern of development to be forged, which is free, balanced, inclusive and beneficial to all.

Wang said China appreciates the DPRK’s commitment to the denuclearization of the peninsula and the important efforts it has made in easing the peninsula situation.

Wang said the central government will study follow-up plans for offshore sovereign debt sales on a regular basis, in a bid to set a funding benchmark for the nation's corporations, which are among Asia's most active issuers in the offshore bond market.

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Wang believes China's progress will continue to bring greater peace, development and governance dividends to the world.

Wang Wenhua, a professor at the Law School of Beijing Foreign Studies University, spoke highly of the new reform plan, which she said will keep up with the trends of internationalization and uniformity in legislation.

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Wang pleaded guilty to a charge of accepting a salary from another source while working for NOAA. On Feb 20, he was sentenced in federal court to time served.

Wang Tingting, an associate professor of finance at the Beijing-based Central University of Finance and Economics, said: "Shi's remark shows the new board is likely to allow the T+0 system, as a way to more efficiently, reasonably price the stocks."