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Over the past five years, China created a better business environment for both domestic and overseas companies. Through simpler approval process, lower corporate fees and technology-based services, the government is transforming its functions to let the market play a larger role in the economy.

The level of innovation in China has grown very rapidly, he noted. "China is doing well because it's very innovative and very hard working, and very competitive."

Sheard said it's important that institutional and market-enhancing reforms that create the right incentives for capital to be allocated efficiently continue to be implemented.

ed on Monday its Foreign Ministry has lodged solemn representations to the Democratic People's Republic of Korea (DPRK) embassy in Beijing over its sixth nuclear test.

The Russia-China relationship is a exemplar of harmonious coexistence of major countries in contemporary world, Putin said.