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Also, while domestic labor costs continue to increase, the country has not managed to firmly establish its competence in technology, branding and marketing in the global market. In some areas, existing policies need to be updated to accommodate a larger variety of foreign trade businesses.

He pointed out that China will support Myanmar's choice of development path and its efforts to safeguard national stability, promote economic growth, and maintain social harmony.

All parties pledged in the China-ASEAN joint statement to return to the right track of resolving specific disputes through consultations by parties directly concerned.

Meanwhile, Wang said China stands ready to facilitate cooperation with Hungary in agriculture, husbandry, tourism, culture and education.

High financing costs for companies remain a major obstacle in maintaining trade growth. Other problems include sluggish trade policy implementation as well as outdated management methods.