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China is the company's second largest market, behind only the US, Makatsaria said. As China remains a key growth engine globally for Johnson & Johnson, the company hopes that China will overtake the US and become the group's largest income contributor in the near future, he added.

China has taken steps to improve its trade in services, including gradually opening up its finance, education, culture, and medical sectors.

China is the largest producer of both traditional cigarettes and e-cigarettes, although most of the latter are exported.

China is adding about 3 million burial plots a year nationwide. Yet Ouzi, an industry analysis and data service company, estimates that all available spots will be occupied by mid-2022, roughly 18 months earlier than predicted in a 2014 report by the ministry.

China has promised to let US credit rating agencies do business on their own, remove the cap on foreign ownership of Chinese banks and asset management companies, and lift limits on investment in securities houses.