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China's total services imports are expected to reach .5 trillion over the next five years, according to the report.

China's top leadership vowed to pursue high-quality development at the 19th CPC National Congress last year. To that end, China will tolerate a moderately lower growth rate this year to focus on reform and financial regulation, Liu said. "It will continue to control shadow banking, cut corporate debt levels and tighten financing of local governments."

Chinese Premier Li Keqiang said last month that China must speed up replacing old growth drivers to transform and upgrade the economy, and that the key to the shift of growth drivers lies in technology.

China's resolve to further open up has been reflected by the global coworking and community service provider WeWork's latest partnership in the country.

China's steel industry needs to focus on quality and efficiency instead of expanding through scale and price competition, a senior official of the China Iron and Steel Association said.