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China has set 2020 as the target to complete the building of a "moderately prosperous society," which requires the eradication of poverty.

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.

China has set an example for the world in this regard by not attributing problems to others, but reforming itself with the spirit of enterprise to adapt to changes, Huang said.

China is a very complex country, with a huge population and big differences within one country in terms of geography, economic development, culture, prosperity, societal needs and speed of change. I believe the biggest challenge that China faces today is to find the best way to address the multitude of priorities and considerations it faces, as it tries to balance the need to maintain growth and social stability... while undertaking reforms that can potentially be disruptive.

China hopes the US will fulfill its obligations under the United Nations' Convention on the Elimination of All Forms of Racial Discrimination and take concrete measures to secure the legitimate rights of ethnic minorities, he said.