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The global influence of Chinese science and technology has grown, and the country's industries have made headway, the political advisors said, while adding that challenges remain.

Such measures are being carried out now as China's private business growth momentum has yet to pick up. Private business investment, which is mostly small and micro businesses, contributes more than 60 percent of China's fixed assets investment, and private business provides more than 80 percent of the country's workforce. Yet the sector has experienced a slowdown in growth for the first half of this year due to a variety of reasons, including volatility in the international market.

According to Gao, China will vigorously promote China-East ASEAN Growth Area cooperation and the Lancang-Mekong cooperation and provide financial support via platforms like China-ASEAN Investment Cooperation Fund, the Asian Infrastructure Investment Bank and the Silk Road Fund.

"Fifteen years after China rolled out its first corporation law, it has become the second largest economy in the world and, it is expected, that in another 15 years, it will have the largest number of social organizations in the world," he said.

The ruling was made after official surveys showed that damage to the domestic industry would reoccur if the tariffs were terminated, the notice said.