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China will continue to boost its exchanges and cooperation with Venezuela in various fields under such principles, she said.

China needs to first clarify different responsibilities between central and local level regulators, and local governments need to be given more freedom to oversee innovative financial products, according to Yang.

China launched a three-year nationwide campaign to eradicate criminal gangs in January last year.

China overtook the United States to become the world's largest manufacturer in 2010. But rising costs in labor, land and resources mean that extensive growth is not sustainable. The country is comprehensively upgrading its manufacturing industry by boosting efficiency through intelligent manufacturing.

China will be a pivotal market in the process of the global auto industry's electrification, said industry insiders.