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China has made steady progress in opening up the A-share market in recent years. The authorities quadrupled daily transaction limits for stock connects last year, and continuously relaxed regulation of qualified foreign institutional investor schemes, including announcing an end to quota limits of the schemes last week.

China has an opportunity to lead the world not only in e-commerce and technology spaces but in communications, she said.

China has been ratcheting up efforts to revamp the telecom sector, which has long been dominated by State-owned players. Last year, China Unicom pressed ahead with its 78 billion yuan mixed-ownership reform by attracting Alibaba, Tencent, Baidu and other companies as investors.

China had also signed cooperation agreements with over 40 countries and international organizations, and established industrial capacity cooperation mechanisms with more than 30 countries.

China has a complete legal system for intellectual property rights protection, he said. Since joining the World Trade Organization, the payments made by Chinese companies for using intellectual property rights increased by 14 times, Li said. Stricter measures will be taken to punish violators and provide fortified backing for innovations, he added.