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"It is necessary to draw foreign investment into innovation and entrepreneurship efforts with more robust opening up efforts. We can also learn a lot along the way," he said.

The Chinese delegation in this particular business forum included representatives from 15 powerful companies with strong interest in international cooperation and a desire to hold concrete talks with Bulgarian business on opportunities for joint projects in industrial capacity, Zhang said.

"This is in keeping with all the developments that we have seen in China in recent years, including the use of innovation as a major component in the transition of the Chinese economy from 'made in China' to 'created in China'," he said.

First, detailed adjustments will be made to existing polices to better facilitate foreign trade development and better streamline procedures in trade gateways.

By the end of July, the coal mining sector had completed only 38 percent of its assignment to eliminate overcapacity, and the steel sector had finished 47 percent.