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China is also planning to raise the budgeted deficit ratio, a proportion of fiscal deficits to the GDP, and issue special sovereign debt, the first time since 2007. Local governments will also issue more special bonds compared with the amount raised last year, to increase spending mainly in infrastructure, the top-level policy meeting said.

China has set a goal to complete building a "moderately prosperous society" in all respects by 2020, which requires the eradication of poverty.

China is "protecting the Chinese people and protecting the rest of the world," he said. "Because of this strategy and if it weren't for China, the number of cases outside China would have been very much higher."

China is expected to use the 11th BRICS Summit in Brasilia, Brazil, to strengthen the partnership of emerging markets and send out a clear call for multilateralism to improve global governance as President Xi Jinping attends the two-day event starting Wednesday, officials and experts said.

China is pursuing innovative, coordinated, green, open and shared development. The economy is shifting from high-speed growth to high-quality growth which relies on innovation as the driving force. That means China's development hinges upon innovation. Innovation holds the key to China's future.