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China has largely lowered the threshold of market access, fully opened the manufacturing industry and is accelerating the opening-up of the service industry, he said.

China has built more than 200 digital and intelligent factories, and had become the biggest intelligent manufacturing market in the world, said a report released at the World Intelligent Manufacturing Summit held in October in Jiangsu province.

China has emerged as the "factory of the world" with a focus on advanced manufacturing, while India's information and communication technology industry and outsourcing industry have gained global recognition. The complementary strengths of the two economies can be exploited for mutual benefit.

China announced that the area of farmland designated to cultivate different crops or lay fallow will increase to 2 million hectares this year, 25 percent more than last year, a move that experts said will help promote sustainable agriculture by giving the soil a break to recover from overuse and pollution.

China has faced heavy capital outflow pressure in recent years, with its foreign exchange reserves falling to about trillion at the end of 2016 from nearly trillion in 2014. As the country's economic fundamentals improve and its management of cross-border capital flow has strengthened in recent months, the situation has stabilized, with foreign exchange reserves rising for five consecutive months by June.