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China's economy may seem to be in some difficulties from a short-term perspective or being viewed through specific cases. However, its development prospects are very bright when being judged from a historical perspective, Liu said.

He said a technical committee has been set up to design a proper framework of cooperation between the two partners within a period of two months after which a commercial agreement will be signed.

Default judgment was initially raised in a draft amendment to the Criminal Procedure Law submitted to the top legislature for the first reading in April this year. The prior draft amendment only stated that a default judgment can be applied to corruption-related criminal cases, without specifying other crimes.

The number of construction companies saw fast growth, reaching more than 300,000 last year. The private sector played a more important role, with the number of state-owned construction companies accounting for only 2.5 percent of the total in 2017, compared with more than 20 percent in 1996.

The draft law was submitted to the Standing Committee of China's National People's Congress (NPC) for the third reading at a session that runs from Monday to Friday.