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Without these adjustments, China's health spending would increase in real terms from 3.5 trillion yuan (529 billion U.S. dollars) in 2014 to 15.8 trillion yuan in 2035 -- an average increase of 8.4 percent per year, the report estimated.

The new plan also calls for, among others, building more comprehensive credit insurance and credit rating systems across the country.

Earlier in the day, Yachi and Chinese State Councilor Yang Jiechi co-chaired the third China-Japan high-level political dialogue.

"In the current environment, innovation assumes particular significance because of its potential to open up new avenues of economic growth... the connection between innovation and economic growth has now been a matter of standard economic theory for decades," he added.

One of the main assets of the initiative is that "it gives the perspective for the world community trying to improve new growth in regions that do have the capacity in growing fast," he said.