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China maintained a general equilibrium of the international balance of payments by the third quarter, and the surplus of cross-border trade of goods and services accounted for 1.7 percent of the total GDP, the nation's foreign exchange regulator disclosed in data on Friday.

China kicked off the commercialization of 5G in late October. GSMA, a global association of mobile operators, predicted the number of 5G users in China will reach 400 million by 2025, accounting for about one-third of the world's total.

China pledged to continue opening up its economy and to take it to a "higher level".

China should increase the share of core technology investment in its research and development expenditure, which is only 5 percent, compared with 17 percent in the United States. It is also necessary for China to carry out institutional reforms to promote the transformation of scientific and technological achievements into productive forces, Huang said.

China wants to share its development experiences with other countries under such frameworks as the Belt and Road Initiative, which will contribute to global economic growth, he said.