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China's full-scale outstanding external debt reached .998 trillion by the end of June, up 1.3 percent from the end of March.

China's economy is growing at a trend rate of 5.5 percent, primarily due to the post-pandemic reopening rather than fiscal thrust or accelerated credit creation, Mehran Nakhjavani, emerging markets strategist and partner at research firm MRB Partners, said in a report.

China's economy has maintained overall stability. The country's GDP expanded 6.2 percent year-on-year in the first three quarters of this year, data from the National Bureau of Statistics showed.

China's local governments raised 4.4 trillion yuan through debt issues in 2017, with general bonds and special bonds reaching 2.36 trillion yuan and 2 trillion yuan respectively, according to the Ministry of Finance (MOF) showed.

China's determination to climb the technological curve is shared by many business leaders. Oliver Steil, CEO of TeamViewer, a leading provider of remote connectivity solutions, said he is impressed by the speed of development in China, as well as the commitment and courage to invest in technology and bring it to scale.