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China's domestically-produced cars are more internationally competitive than they were five or ten years ago, meaning that the country's recent opening-up measures such as lower tariffs and the removal of foreign ownership caps will have a smaller impact, according to Paul Gong, executive director of UBS Investment Research Asia Autos.

China's current account surplus is less than 1.5 percent of the GDP, and the trade surplus of goods accounts for only about 3 percent of the GDP. The contribution of consumption has risen to 58.8 percent, and the proportion of added value of the service industry has risen to 51.6 percent, indicating that the Chinese economy has relied more on domestic demand, according to Lou.

China's foreign exchange regulator said it would further free cross-border capital flows and push forward exchange rate reform this year, amid more balanced international payments driven by import expansion.

China's economy is expected to maintain stable growth this year, analysts said, as a raft of favorable policies targeting infrastructure, trade and consumption are gradually taking effect.

China's middle class provides enormous opportunities for quality marine products from PNG, Xue told the media at a news briefing in mid-June, and more local companies, including those engaged in agricultural products, could be expected to become suppliers to the Chinese market.