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Speaking to national lawmakers from the military at the ongoing annual parliamentary session, Xi, also Chinese president and chairman of the Central Military Commission, said the future of the People's Liberation Army (PLA) hinged on innovation and reform.

Zhang Dejiang, chairman of the NPC Standing Committee, presided over the meeting.

For his part, Sugiyama said that China's peaceful development is important to the international community, adding that Japan is willing to improve dialogue with China and enlarge common interests so as to continue pushing forward the development of bilateral ties based on the Japan-China strategic relationship of mutual benefit.

For the Chinese economy to move steadily forward for the long run, we need to stimulate internal forces and develop new engines.

Tamim Bayoumi, a senior fellow at the Peterson Institute for International Economic, said the world has to get used to that China is moving towards "a slower but more stable growth rate," as the country is making the transition to "much more of a consumption-based economy" from the old growth model mainly based on investment into manufacturing and export industries.