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China's capacity of macroeconomic regulation is growing, and efforts to deepen reform across the board have unleashed new drivers of growth, he added.

Apart from reducing administrative approvals, China will continue to remove hidden obstacles for private capital to enter key sectors, reinforcing financing support for private investment, he said.

China and ASEAN already reached a Declaration on the Conduct of the Parties in the South China Sea (DOC) years ago, and have been seeking a more robust code of conduct.

He said that Brunei highly appreciates the important role of China in fostering global stability and prosperity, tackling climate change, safeguarding multilateral trading system, and promoting regional economic integration, and is grateful to China for supporting BIMP-EAGA cooperation.

However, some private companies have recently encountered difficulties and problems in their development in terms of market, financing and transformation.