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China's strong economic fundamentals and continuous reform and opening-up will help the country to tackle risks and challenges and provide a solid foundation for the forex reserves to remain generally stable, Wang said.

China-EU economic and trade cooperation is not a simple relationship of buying or selling, but a partnership of multiple dimensions, investment being an important pillar of such cooperation. China welcomes investment by European companies and encourages its own companies to do business in Europe leading to two-way opening-up on an equal footing that delivers benefits to both sides.

China’s percentage is lower than the 2.2 percent world average. India and Vietnam, two of China’s neighbors, spent 2.5 percent and 2.4 percent in 2016, respectively, of GDP on the military.

China's successful economic growth over the past decades has not only accumulated wealth, but also improved the competitiveness of companies, which he believes "the Western companies and particularly American companies would not have thought could go so far."

China's summer grain output reached a historic high of 142.8 million metric tons this year despite the ongoing global COVID-19 pandemic, the National Bureau of Statistics revealed on Wednesday.