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China should continue to reduce excess capacity, curb credit, lower debt leverage in the corporate sector and reform state-owned enterprises, said Sudhir Shetty, chief economist of the World Bank's East Asia and Pacific Region.

China will closely follow the development of this case and take necessary steps to protect Chinese firms' legitimate rights and interests, Gao added.

China will accelerate capital market reforms this year, giving priority to expanding the market-based initial public offering system, improving the quality of listed companies and increasing market openness to draw more long-term institutional capital from home and abroad, analysts said.

China will always pursue peaceful development. It is committed to peaceful co-existence, mutually-beneficial cooperation and common development with all countries, including European countries. It has always seen Europe as an equal partner rather than a rival.

China started the rebuilding of 5.34 million shantytown units in the first nine months, accounting for more than 92 percent of this year's target, the ministry said.