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China won't accept lectures from other countries and will object to the practice of double standards, he said, adding that the country is willing to step up exchanges with the EU under the principle of mutual respect to seek common progress.

China's GDP expanded 4.9 percent year-on-year in the third quarter, according to National Bureau of Statistics data released on Monday, a positive figure that far outpaced the recent performance of other major economies.

China will loosen its restrictions for foreign shares in the banking, security, insurance and automobile industries in China, Premier Li Keqiang told a group of business leaders from both China and Germany on Thursday.

China's GDP growth is expected to be about 6 percent in 2020, The Beijing News said quoting the latest report from the Chinese Academy of Social Sciences (CASS).

China will pursue a prudent monetary policy in a more flexible and appropriate way, according to this year's government work report.