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China is the world's second-largest insurance market, following the US, and its insurance sector achieved steady growth in 2018, registering original premium income of 3.8 trillion yuan (4.6 billion).

China is implementing the largest tax and fee cut of recent years, saving enterprises and individuals nearly 1.35 trillion yuan (9 billion) in the first seven months of this year. As a tradeoff, governments at all levels are told to "tighten their belts."

China implemented a number of medical reforms last year, including the introduction of a zero-tariff policy on imported anti-cancer medicines in April, and a 1 percentage point reduction in the VAT rate for the pharmaceutical sector in May.

China is open to discussions with Germany on third-party cooperation, and to pushing forward alignment between the Belt and Road and the Euro-Asian connectivity strategy to jointly make the Eurasian market bigger, he said. He added that Beijing is willing to work with Germany and other countries along the route of China-Europe freight trains to enable better development of the trade route.

China is pushing its industries to move toward the medium-high end of the global value chain. In the first ten months of this year, private fixed-asset investment into the manufacturing sector rose 4.1 percent year on year.