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China should also promote mutually beneficial trade and engage in more integrated international trade channels, with the focus on producing high-value agricultural goods, such as fruits and vegetables, and importing more land-and water-intensive products, such as cereals and vegetable oils.

China will continue to conduct joint law enforcement operations with other countries targeting IPR violations, including Russia and the US. Customs officials of the EU, Japan and South Korea have responded positively to China's proposal for law enforcement operations, he said.

China may invest hundreds of billions of yuan in the near future to boost its semiconductor sectors, but the scale is still relatively small compared to industry giants such as Intel, which spends more than billion annually on research and development, Liu said.

China must pay close attention to the spreading of risks arising from cross-sector and cross-market financial innovation, tighten regulation and strengthen coordination to mitigate potential systemic risks, said an official of the China Banking and Insurance Regulatory Commission.

China vowed to keep its prudent monetary policy "neither too tight nor too loose" and make counter-cyclical adjustments in a timely and moderate manner, the central bank said Friday in its second-quarter monetary policy report, adding that the country will not resort to flood-like stimulus policies.