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China is the only major economic body Moody's has revised its upward for 2020 growth.

China has rolled out 15 opening-up measures in the banking and insurance sectors, which have been largely put into place now, since President Xi Jinping reaffirmed China's commitment to further financial opening-up at the Boao Forum in April last year, said Guo, who is also the chairman of the China Banking and Insurance Regulatory Commission.

China is predicted to spend 2.8 trillion yuan (1 billion) in the digital transformation this year, and the figure is expected to surge to 3.2 trillion yuan in 2020 and 3.7 trillion yuan in 2021. Manufacturing (220.5 billion yuan), governments (193.4 billion yuan) and financial services (145.5 billion yuan) are the top three sectors in spending for the digital transformation in 2019, according to Deloitte.

China has ranked second in the world for eight years in terms of the number of science and technology theses published in international publications.

China hopes the issue will be properly handled, Foreign Ministry spokeswoman Hua Chunying said on Monday afternoon.