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China will increasingly rely on endogenous innovation to spur economic development in the future, a process that needs risk takers from private businesses, while state firms, always slower and more cautious in decision-making, are relatively less vigorous and not that willing to take risks, Fan said.

China will maintain the stability and consistency of its macroeconomic policy next year and continue with a proactive fiscal policy and prudent monetary policy to stabilize market expectations, Premier Li Keqiang said on Thursday.

China's bike-sharing market is expected to rake in 10.3 billion yuan (.5 billion) in revenue this year, a 736-percent increase from 1.2 billion yuan in 2016, according to a report from iiMedia Research.

China will open the market even wider, according to the newly released government white paper, "China's Position on the China-US Economic and Trade Consultations". Measures to be taken include expanding market access for foreign investment in broader areas, and strengthening international cooperation on intellectual property protection, the paper said.

China will firmly stick to the basic national policy of opening-up and pursue win-win cooperation while safeguarding the country's sovereignty, security and development interests, President Xi Jinping said on Monday.