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China needs to push forward deleveraging with steady progress. The country should let the inefficient, especially the "zombie enterprises", go bankrupt and reshuffle, and let the market play its role, Zhang said.

China plans to adopt an "all-around" supervision program covering all phases of outbound investment, with more steps to fill a policy void and further facilitate legislation in the pipeline, according to the nation's top economic regulator.

China relied on New Zealand for its cheese imports before it cut the tariff on US cheese, but China's cheese demand has increased more than seven-fold over the last 10 years to 100,000 metric tons, according to Milk Magazine, and the country is looking to other markets. With the tariff now at 8 percent, US producers can be much more competitive in the Chinese dairy market.

China needs to prioritize the tackling of solid waste pollution and strengthen supervision over implementation of related law, the country's top legislature said on Tuesday.

China is willing to continue with exchanges and cooperation in defense and security with SCO member countries based on mutual trust and benefit and to improve the capacity to jointly cope with new challenges, Ren said.