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China's financial strength has also improved greatly, with big increase in foreign reserves. In 1950, China's fiscal revenue was only 6.2 billion yuan, and the figure rose to 113.2 billion yuan in 1978.

China's gas consumption grew 15 percent in the first half of 2018 from a year earlier, which led to a 50 percent surge in LNG imports, pushing them to a historic high of 24 million tons in the first half of 2018.

China's experience in the photovoltaic sector, as well as its expertise in improving the technology that enables countries to switch to clean energy, is being recognized.

China's new development paradigm emphasizes both domestic and international circulations, rather than a closed internal loop, Han Wenxiu, deputy head of the office of the Central Commission for Financial and Economic Affairs said, on Friday.

China's foreign exchange market is prone to the "habitual influences of irrational expectations" and one-way market expectations can sometimes be exaggerated, failing to reflect the real relationship between market supply and demand, the statement said.