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China will not introduce financial products such as carbon futures in the early stage as some other countries did because speculative behavior will do more harm than good in encouraging actual carbon reduction, according to Jiang.

China's aggressive push to harness the IoT also means the country could play a pivotal role in determining which IoT specifications thrive, said Jiang Wangcheng, president of Huawei's IoT solutions.

China will stick to the current poverty standard and strive to eliminate extreme poverty on schedule, he said, even though the novel coronavirus outbreak has temporarily prevented financially vulnerable rural workers from returning to factories and disrupted logistics chains for farm produce.

China's blueprint for its future development comes at a historic turning point in which the country is set to play a bigger role in the global economy, according to experts.

China's automobile sales witnessed sharpest monthly decline in the past seven years in September, The Paper reported on Tuesday.