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China has become the biggest trading partner and overseas investment market of the ROK, while the ROK is the fourth biggest trading partner for China, according to Ning Jizhe, deputy director of the National Development and Reform Commission.

China believes consultation based on respect, equality and mutual benefit is the effective way to resolve trade disputes, and any unilateral threat or blackmail will only cause damage to the interests of all parties, according to the ministry.

China exported more medical and healthcare products in terms of both value and volume last year, and industry insiders said the growth was due to the country's supply-side reform that has improved Chinese medical and healthcare products' standing in the international market.

China has been promoting the development of e-commerce in rural areas in recent years, as it can boost household consumption, reduce inequality and bring to rural residents the convenience, variety and low prices enjoyed by urban dwellers.

China has a population of nearly 1.4 billion, many times that of the United States and Japan. Only Beijing, Shanghai, Guangzhou and Shenzhen have populations surpassing 10 million. The total number of such megacities is expected to go above 10 in the future, said Niu Fengrui, a researcher with the Institute for Urban and Environmental Studies at the Chinese Academy of Social Sciences.