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China has adopted a "prudent" monetary policy to maintain economic growth as well as keep prices stable, said Sun.

China has been witnessing massive overcapacity in its iron and steel sector and has vowed to reduce capacity. It plans to eliminate 100 million tons to 150 million tons of crude steel capacity in the five years from 2016. In 2017 alone, the country slashed its crude steel production capacity by more than 50 million tons, exceeding its annual target, as part of efforts to improve the competitiveness of the bloated sector.

China has ample grain reserves and is fully capable of guaranteeing the country's supply of grains and staple agricultural produce, the participants said.

China has introduced effective poverty alleviation measures, such as resettlement, promotion of e-commerce and dedicated government support, he said.

China has made major strides in manufacturing in the past decades. It now boasts 41 industrial divisions, 207 groups and 666 classes of products and services. But it still faces challenges in a string of sectors including semiconductors, crucial components for industrial robots, and some key industrial materials.