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China is the world's largest consumer market, with 400 million middle-income people and a large number of rural residents with strong purchasing power, who are increasingly pursuing better life and services, said Wei Jianguo, vice-chairman of the China Center for International Economic Exchanges.

China imports about 70% of its oil needs and more than 90 million tons of soybeans every year. We also depend heavily on imports for many other commodities, which makes it impossible for us to develop behind closed doors.

China has taken a series of measures to invigorate its SOEs this year including the mixed-ownership reform and the comprehensive reform of pilot areas in Shanghai, Shenzhen and Shenyang.

China has remained as India's largest trading partner, he added. Bilateral investment has also seen a steady increase, the minister said. The accumulated investment in India by Chinese enterprises amounted to over billion while India's investment in China rose an average of 18.5 percent annually over the past three years.

China is the second-largest film market in the world, after the United States. China's box office took in a record 64.3 billion yuan in 2019, up 5.4 percent on year.