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"By labeling China a currency manipulator, the U.S. is in fact continuing its maximum-pressure approach in trade talks," said Liao Qun, chief economist of the China CITIC Bank International.

"The paper reiterated China's commitment to reject any form of hegemonism and underlined the defensive nature of the policy and of the military modernization," William Jones, Washington bureau chief of the U.S. publication Executive Intelligence Review, told Xinhua.

Mahmud said once several on-going BRI related projects were completed in the country, the country's economic capacity would be greatly boosted.

BEIJING, July 23 (Xinhua) -- China's top political advisor Wang Yang Tuesday said enhancing the public cultural services in rural areas constitutes an important element of the rural vitalization strategy.

"Innovation in regional financial reform needs to follow macro policy and serve the larger interests. Local governments must play a part and fulfill their due responsibilities in supporting the growth of small-and medium-sized companies and coordinating the macro policy with need of regional development," Li said.