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China's consumer price index, the primary barometer of inflation, hit a 15-month high of 2.7 percent year-on-year in May, but Zhang expects inflation levels to fall in the third quarter as economic expansion weakens.

China's internet copyright industry developed in diverse fields in 2017, such as short videos and livestreaming, but the major contributions are still from online news portals and online games, which accounted for 73 percent of the total value.

China's northeastern industrial heartland is on course for a revival in its fortunes as local governments take measures to restructure the local economy through upgrading heavy industry and cooperating with more developed coastal provinces.

China's engagement with the multilaterals has shown that the country wants to play a part in global governance, and it also wants to draw inspiration from different multilateral organizations, Chakrabarti said.

China's development needs an environment of lasting peace and stability, he added, noting that China will continue the road of peaceful development, as well as opening up and win-win cooperation.