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Secondly, the two sides need to cooperate more and better, and enhance exchanges in the fields of governance and legislation, urged Wu.

The results were achieved with the help of the public, according to the ministry, and local authorities rewarded 12,000 informants more than 28 million yuan (4.4 million U.S. dollars) for providing useful information.

China should direct its transformation toward a more sustainable development pattern to avoid the "middle income trap," he said.

According to the economist, the Japanese yen has been an international currency for decades but its share is very low, so the internationalization of yen can be considered as a failure. The trading of the Chinese yuan, particularly yuan-denominated assets will provide new business opportunities for Japanese financial institutions in the post-crisis era.

Domestically, China is set to brace for rising costs in production means such as labor and land, which will pare its product competitiveness, he added.