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China's engagement with the multilaterals has shown that the country wants to play a part in global governance, and it also wants to draw inspiration from different multilateral organizations, Chakrabarti said.

China's economy kicked off 2018 on a strong note with better-than-expected data for the first two months.

China's economy showed a significant rebound in the first half of 2020 amid the COVID-19 outbreak, as virus control measures consolidated and social activity resumed.

China's fossil fuel consumption is likely to peak in 2020, and will decline steadily afterward, the report said. It predicted the use of coal in electricity generation and industrial sectors will continue to decrease, while rapidly increasing electricity applications in transportation and industrial sectors will also reduce the country's reliance on oil and natural gas, the report said.

China's leverage level has been on the rise for some time, said Pan, but it is too simplistic to directly compare it with other countries.