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China currently is South Korea's largest trading partner, export market and largest source of imports by volume, and South Korea is China's third-largest trading partner. Since the bilateral FTA became effective in December 2015, the two sides have cut tariffs four times and about 50 percent of goods they trade in now enjoy zero tariffs, data from the Ministry of Commerce show.

China has been undergoing an economic transformation and updating its technology over recent decades. Huang said that had encouraged a large number of multinational companies to set up branches or facilities in the country, bringing more business opportunities for ANZ.

China currently has the world's largest middle-income population. The country has made historic economic achievements since the 18th National Congress of the Communist Party of China in 2012, providing important material conditions for reforms in other areas.

China has integrated the principle of universality of human rights with its national conditions, it said.

China has not only made remarkable achievements in poverty alleviation over the years, but has also dedicated itself to shared development with other countries through the Belt and Road Initiative, Steiner told Xinhua on Wednesday.