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China is currently in the midst of a long-term transformation of its national business model. Earlier growth was based on the nation's comparative advantage at the time－low-cost labor combined with good infrastructure and a business environment that was acceptable for low-wage manufacturing. This business model enabled China's growth for more than 30 years and allowed it to raise almost all of its people out of extreme poverty.

China has taken great strides in deepening its economic and social development over the past five years, while the Hong Kong Special Administrative Region also has grown, with major progress in different aspects. Watch the video explainer below and leave comments to share your experiences.

China has taken steps to improve its service trade, including gradually opening up its finance, education, culture and medical sectors.

China is also working to amend its anti-monopoly law, which was enacted 10 years ago. The amendment effort aims to make the law more adaptive to rapidly changing social and economic environments, Gan added.

China is taking measures to maintain balance of fiscal income and spending, to counter economic downside risks and tighten the budget management of local governments, according to the Ministry of Finance on Tuesday.