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In response to credit rating agencies' concerns about China's government debt, the Chinese official said China's central government debt is not at a high level and the country has taken measures to contain the recent increase in local government debt.

One option for China to bolster export growth is to let the yuan depreciate more significantly, but that would likely trigger competitive devaluations by trade rivals and risk more capital flight, Orlik said.

The plan aims to improve policy environment favorable to commercialization, play market's decisive role in distributing resources, and better exert governmental functions, in a bid to build a system conforming to the laws of innovation and market economy.

The Chinese foreign minister welcomed Renzi to attend the G20 summit in Hangzhou, saying the Chinese government is willing to enhance dialogue with the Italian government in order to ensure success of the event.

Western powers have created the current diplomatic systems and their ways of thinking dominate multilateral meetings. There thoughts and approaches are sometimes at odds with the reality of developing countries, Zhou said.