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China's economic development has brought about major accomplishments that have changed the mindset of the masses and instilled in them the confidence to carve out their own destiny. Achievements include the espousal of universal education, female participation in the workforce, organized employment of the population, and a corruption-free society based on honesty and integrity.

China's exports remained resilient and increased by 12.5 percent year-on-year in dollar terms, Lian told Chinese media. In August, exports are expected to continue to grow at a fast pace, he said.

China's former vice-foreign minister Fu Ying said that "it has entered a new era, full of changes and adjustments in terms of both international situation and the relationship between China and the world".

China's consumer confidence, an indicator of economic booms and busts, bounced back to its record high in the past 12 months as the economy stabilized, according to an index published by global measurement firm Nielsen last week.

China's corporate debt-to-GDP ratio is high. The ratio went up in part because of the 4 trillion yuan stimulus package announced in 2008. At that time, the money for infrastructure projects was primarily raised by local government financing vehicles, for the central government did not want to see an excessively rapid increase in the deficit-to-GDP ratio.