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The finance ministers and central bank governors' meetings have set up an inclusive framework for the Base Erosion and Profit Shifting project -- to fight tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations -- as well as governance entities for the implementation of the project.

He asked state-owned enterprises to take the lead in innovation, produce more and better products and play a bigger role in leading innovation-driven development.

China is also willing to work with Japan and South Korea to offer assistance to ASEAN nations on such fields as logistics and construction of supply chain to promote the economic integration in East Asia, he noted.

Parties may consider taking it more seriously in appointing the list of arbitrators, so that there could be a more balanced panels in the future, he said.

He added that the liberalization of the Chinese economy itself "gives more opportunities for institutions in other countries to invest in China and to do business with China."