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"China is now a powerhouse of innovation and has a strong and complete ecosystem, including hardware, software, artificial intelligence and others," he said.

"China is a huge country and huge economy, it gives hope to the smaller countries like the Philippines because China is thinking this way. This is the right way," Lopez said.

"By strengthening the people's congresses' supervision over expenditure budget and policies, the guiding and constraining effects of policies on relevant budgets will be enhanced," the guideline said, adding that relevant measures would also help ensure that the CPC Central Committee's major principles, policies and decisions are better implemented with budgetary arrangements and policies.

"But this does not mean we will close our doors. It does not mean we will have a closed internal loop. Actually, we will open up even wider in the process," he said. "We will open our door even wider because our real aim is to give full play to the potential of the domestic market, to make the domestic market function more effectively and much better, so that the two cycles could really reinforce each other."

"China is shifting toward a floating exchange rate regime, and we allow the exchange rate of the yuan to be determined by market demand and supply," Yu said.