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China is prepared for all possible actions to safeguard its interests, the Ministry of Commerce said in response to the US announcement that it was mulling invoking emergency laws to curb Chinese investment.

China has shown interest in California's approach to fighting climate change and the state's carbon cap-and-trade program has served as a prototype for the country's new carbon markets.

China has thousands of SOEs, but many have stagnated due to a lack of competition. The government is trying to improve their performance through reform, moving toward mixed ownership and market-oriented management to improve efficiency.

China is also eyeing an annual average expansion of around 7 percent in the added value of the industry, with the increase of the grain processing rate to 88 percent. By 2020, the number of grain companies with yearly business revenue of more than 10 billion yuan (.5 billion) should exceed 50, the guideline said.

China is also leading in industrial innovation, particularly in the automobile, information and logistic industries, said Huang Jinghua, professor of advertising at the Communication University of China.