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China rolled out a 4 trillion yuan (6.4 billion) fiscal stimulus that year and it worked. The strong, decisive actions helped China "insulate its markets from a virulent financial contagion."

China was once poor and weak. It is now the world's second largest economy. China's achievement comes with peaceful development, not territorial expansion or invasion. Time and again, world history proves one thing: stability brings development, and prosperity comes with peace, not the use of force. China will stay on the path of peaceful development, and we hope other countries will do the same. Only peaceful development can bring common development and peaceful coexistence for all.

China is willing to step up strategic coordination with the European Union to further the major political agendas between them and jointly cope with global challenges such as public health, climate change and the protection of biodiversity, he added.

China will continue to advance the two-way opening-up of its capital markets, said Pan, who is also head of the State Administration of Foreign Exchange.

China will also cut the value-added tax for power grids and encourage industrial and commercial users to participate in spot-price trading of electricity to further lower prices, the NDRC said in a notice.