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South Korea expected the bilateral FTA with China to raise its real GDP by 0.96 percentage points, create 53,800 jobs and enhance consumer benefits by 14.6 billion U.S. dollars.

China strived to abolish administrative red tape and began to delegate power to lower authorities. This marked a major move in the readjustment of the existing economic structure. It was accompanied by the issuance of policies that support the supply-side reforms and promote innovation in all sectors.

Lagarde expressed confidence in the steady growth of the Chinese economy through the implementation of such effective measures as robust macro policies, structural reform, a coherent exchange rate policy, and enhanced communication with the market.

According to Tuesday's guideline, mixed-ownership is encouraged in both kinds of SOEs to reduce the dominance of state companies and ensure better management.

Also, to create new economic growth points, a more innovation-friendly system is taking shape, with leading group meetings discussing innovation-related reforms on four occasions.