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China's Vice-Minister of Finance Shi Yaobin said at the seminar that China is and will always be the contributor and participant in international economic governance, "and this will never change".

China's UnionPay has been exploring connecting public services and payment methods, such as enabling cardholders to book appointments with physicians through its payment app, and tracking food safety information, to "add value to consumers and to merchants and public service providers".

China's State Council released a guideline on the delegation of administrative authorities and spending responsibilities of the central and local governments in 2016, marking a major step in the reform of fiscal system. The guideline, involving various social and economic sectors, has been implemented steadily.

China will set up a special transfer payment mechanism to ensure that newly increased fiscal funds this year will directly benefit businesses and people. A host of related arrangements were given a green light on Tuesday at the State Council's executive meeting, chaired by Premier Li Keqiang.

China will likely take the lead in the semiconductor display sector across the world within the next three to five years, said Li Dongsheng, the founder and chairman of Chinese consumer electronics giant TCL Corp.