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China is working on revising the Catalogue of Encouraged Foreign Investment Industries, in bid to promote processing trade amid the novel coronavirus outbreak, a senior commerce official said on Friday.

China is willing to strengthen cooperation with the United States in areas of counter-terrorism, combating transnational crime and counter-narcotics, and taking care of bilateral vital concerns in law enforcement, Guo said.

China still needs to grow at a relatively fast pace to meet the government's aim of becoming a "moderately well-off society" by 2020, in time for the 100th anniversary of the founding of the Communist Party of China the following year. To achieve this, it needs to double the 2010 GDP per capita income level. George Magnus, an associate at the Oxford University China Centre and an expert on China's economy, said he expects the government target to remain at "around 6.5 percent".

China opens up the market and proposes to build the Belt and Road Initiative to share China's development opportunities with the world, he said.

China will continue to expand opening up in the banking, insurance and securities sectors, and work toward the goal of fully lifting restrictions on ownership and access for foreign banks, he said, adding that the financial sector will continue to be a priority for the country's opening up.