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China is gaining ground on both Europe and North America as its improvement in performance and potential outpace those of Western cities, according to the 2019 Global Cities Report released by international consultancy firm AT Kearney.

China has taken a series of financial measures to reduce taxes and fees for enterprises, earmark fiscal funding to combat the pandemic and support infrastructure investment, and lower the cost of borrowing to bolster the corporate sector.

China is capable of sustaining a relatively sound momentum in industrial development in the second half of this year, despite challenges from the COVID-19 pandemic and global economic downward pressure, said the nation's top industry regulator on Thursday.

China is open to advanced manufacturing strategies from other countries, including Germany, Li told its employees. China treats domestic and foreign companies equally, welcomes those from overseas to expand investment in all forms, and firmly vows to protect intellectual property rights, he said.

China is trying to shift its economy toward a growth model driven more by consumer spending, innovation and services while weaning it off over-reliance on exports and investment.