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Despite careful treatment, the doctors also face major challenges.

Describing China as one of the innovation hubs in Asia, Smejkal said China is now a leader of innovation in the region.

Deng, who passed away in early 1997, did not live to see today's China, which boasts 25,000 km of high-speed rail, or about 66 percent of the world's total. The Fuxing bullet train between Shanghai and Beijing runs at a speed of 350 km per hour.

Despite the improved resilience of the global financial system as a result of post-crisis financial reforms, vulnerabilities still remain, and may negatively impact the strength and sustainability of global growth. China applauds and supports the FSB's work in building a safer, simpler, fairer financial system and improving the financial regulation coordination framework. We emphasize the considerable progress made towards transforming shadow banking into resilient market based finance since the financial crisis and welcome the FSB assessment of the monitoring and policy tools available to address risks from shadow banking. We call for full, consistent and timely implementation of agreed reforms, and finalizing Basel III and other unfinished parts of the reform agenda soon, so as to foster a robust and open global financial system supporting investment, trade and growth.

Despite June's strong job numbers, there are likely to be bumps ahead.