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China should study Japan carefully to ensure it does not encounter similar problems, Zhou said.

China vowed to implement additional tariffs on some import products from the United States immediately after new US tariffs took effect at 12 pm Friday, the country's customs authority said on Thursday.

China needs to cultivate more professionals with higher quality, promote the spirit of the craftsman and encourage enterprises of various sizes to provide fine products amid efforts to boost the "Made in China" brand, Li said.

China traditionally has been called the manufacturing hub of the world, and manufacturing is certainly going to be important to China, but the country is rapidly becoming a technological hub. Many technological leaders, such as Alibaba, Tencent and SenseTime, have originated in China.

China saw 13.82 million second-hand cars sold in 2018, up by 11.46 percent year-on-year. Sales reached 860.3 billion yuan (4.7 billion), up by 6.31 percent, according to the China Automobile Dealers Association.