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China is already the company's second-largest market, she said, observing the Chinese healthcare industry today encourages innovation, and focuses on quality and efficiency.

China has stood in the forefront of the world's retail industry, according to Shih. He revealed that in the future, Walmart will focus on new technologies, new businesses and new cooperation relations when expanding business in China. Today, the retailer has realized the integrated development of online and offline businesses in collaboration with Chinese technology giants JD.com and Tencent.

China has seen improvements since it adopted its revised Food Safety Law in 2015. Tests showed 96.8 percent of samples met standards in 2015, an increase of 2.1 percentage points compared with the previous year, according to a report by law enforcement teams dispatched by the National People's Congress, China's top legislature. The report was based on inspections in 10 provinces, municipalities and autonomous regions.

China has vowed to deepen reforms and pursue higher-level opening-up to provide a strong impetus for establishing a new development pattern featuring dual circulation.

China is the only economy from the mid-income group to be ranked in the top 20 most innovative economies. [Photo/VCG]