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China started to run its first 350-kmh high speed train between Beijing and Tianjin in August 2008 and opened at least three more such high speed lines nationwide in the following years, until the authorities ordered speeds to be cut to between 250-300kmh in 2011.

China will be stepping up financial support for the manufacturing industry, small businesses and international trade companies to promote economic recovery and high-quality development, senior bank executives said.

China will continue to improve the formation mechanism of the renminbi exchange rate to enhance its flexibility and keep it generally stable within a reasonable range, according to Wang Chunying, spokesperson with the State Administration of Foreign Exchange (SAFE).

China now contributes about 15.6 percent of Apple's total quarterly revenue, down from about 20 percent a year earlier.

China put forward the concept of "dual circulation" not as a result of its exports slowing this year, but because it has reached a stage where it will rely more on the domestic market to generate growth, Lin said. "It is not a passive choice, but a reflection of the law of current economic development."