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China needs to expand the opening-up of the financial industry to pursue high-level economic opening-up, said Lu Lei, deputy head of the State Administration of Foreign Exchange. Expanded opening-up can also help ease the negative effects of China-US frictions and anti-globalization sentiment in some countries.

China now accounts for more than 40 percent of global e-commerce transactions. The nation's third-party mobile payment is 11 times larger than that of the United States. China is also home to one third of the world's unicorns (startups valued at more than billion).

China rolled out a master plan in June for the development of the Hainan Free Trade Port, which introduced a long list of opening-up policies aimed at building the island into a globally influential free-trade port by the middle of this century.

China maintained a general equilibrium of the international balance of payments by the third quarter, and the surplus of cross-border trade of goods and services accounted for 1.7 percent of the total GDP, the nation's foreign exchange regulator disclosed in data on Friday.

China remained the world's second-largest civil aviation market in 2019. In 2019, the industry handled 660 million passenger trips, a year-on-year increase of 7.9 percent, said data from the CAAC.