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China has roughly 20 percent of the world's population but only 7 percent of the world's arable land, while the US has less than 4 percent of the world's population and 15 percent of arable land, said Zhang.

China is currently in the midst of a long-term transformation of its national business model. Earlier growth was based on the nation's comparative advantage at the time－low-cost labor combined with good infrastructure and a business environment that was acceptable for low-wage manufacturing. This business model enabled China's growth for more than 30 years and allowed it to raise almost all of its people out of extreme poverty.

China is also willing to work with other countries to safeguard free trade and push for "positive and practical" results at the G20 Leaders' Summit in Buenos Aires, Gao Feng, the ministry spokesman, said at a news briefing.

China is bullish on the blossoming blockchain sector, seeing it as the next frontier for national competitive advantages as well as a digital future.

China is slashing subsidies on new energy vehicles and requiring local authorities to invest in charging infrastructure as part of its efforts to boost the competitiveness of local manufacturers in the world's largest automotive market.