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"China has very, very impressive infrastructure - high-speed rail that would be an asset to the United States. But what they have succeeded in doing is going from very, very human capital poor to one of the better educated emerging economies," he said.

"China has 21 multifunction ventilator makers and eight of them have obtained the European Union's compulsory CE marking," Xu said. The companies have already signed contracts for 20,000 multifunction ventilators, and many more are pouring in every day.

"China has been consistent and clear about this all along," he added.

"But the magnitude of adjustment should be well managed," said the statement, which indicated that the "prudent and neutral" general monetary policy tone has not yet been changed.

"But now we have to treat them in a modern way," Li says.