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China has the world's longest high-speed rail network of over 22,000 kilometers, about 60 percent of the world's total.

China is stepping in to stabilize economic growth by pushing the fiscal policy "more proactive", which is required to coordinate with a prudent but more flexible monetary policy, according to a series of high-level government meetings during the last two weeks.

China hopes the Australian government will create a fair and non-discriminatory investment environment for foreign investors, including Chinese companies, and protect their legitimate rights and interests, the Ministry of Commerce said.

China is in a transformation phase to a high-income country. Although a few cites have crossed the threshold to high-income, most cities are far from the threshold.

China is resorting to SOE mergers to create more global powerhouses and avoid cut-throat competition, in addition to restructuring redundant industries to aid supply-side reform, Li said.