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Plenty of resources have been consumed by these iron and steel factories, but they often pollute water and generate harmful emissions.Under such circumstances, many have turned their eyes to a greener economy.

Rapid growth over the past few decades has elevated China to the position of the world's second-largest economy, showering benefits on nations worldwide as well as the country's own people.

He made the remark on Friday as the financial institution released a report concluding its annual economic health check on the Chinese economy.

Legislation and leadership will be improved, and attention will be given to streamlining mechanisms, improving monitoring and prevention of natural disasters, enhancement of disaster resistant urban and rural infrastructure, and better training and organization of the public.

As two of the world's large economies, China and Japan should make the most of their respective advantages and competitiveness to step up economic cooperation, he said.