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"China will unswervingly promote opening-up on all fronts," Li said.

"China resolutely follows the path of peaceful development and upholds a defense policy that is defensive in nature," he said. "China's military spending is open, transparent, and grows at a moderate level."

"China's strengths in connectivity will likely be a key factor in enabling it to diversify from manufacturing technology to developing and executing new digital business models," said the report.

"Collecting and analyzing big data and exploring its potential value can help companies truly achieve smart manufacturing by increasing efficiency and flexibility, improving quality and reducing costs," he said.

"China will not only focus on introducing foreign technologies and capital, but also on opening more industries for foreign investment in fields like finance and services and promote the country's advancement into the mid-to high-end of the global industrial, supply, innovation and value chain."