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"China is still a developing country. Its development needs World Bank support, and the Bank's development also needs China's contribution," the Ministry of Finance said on Tuesday.

"China has already fulfilled its promise to cut carbon emissions by 40 percent to 45 percent compared to the level of 2005, three years earlier than planned," said Ma Aimin, deputy director of the National Center for Climate Change Strategy and International Cooperation under the Ministry of Ecology and Environment.

"China is playing an increasingly important role due to the sale of hearing solutions via private specialist stores and retail chains, he said, adding the country shows a vast potential in market penetration as an estimated 70 million people in the country suffer from hearing loss, but a mere 5 percent own hearing aids.

"China has gained useful and effective know-how on economic governance and a better understanding of the roles of the government and market in resource allocation. It is time to institutionalize successful past experiences to enrich the country's governance capacity and to ensure high-quality development," Xue said.

"China always believes that 5G technology is a frontier technology that leads the fourth Industrial Revolution and offers a valuable platform, and the development and utilization of 5G in a globalization era happens naturally as all countries undertake extensive consultation and joint contribution for shared outcomes," he added.