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China's nationwide credit information system is composed of a national financial credit information database and market-oriented credit information institutions. By the end of August, the national database included information on 25.42 million companies and 970 million individuals, becoming the world's largest.

China's exporters that have long been a thriving component of the national economy and strong supporters of global supply chains are finding fresh momentum as the country allows more cities to apply experimental Customs supervision modes for business-to-business e-commerce exports.

China's e-commerce accounts for 40 percent of the world's total, larger than that of the United States, Japan, Britain, France and Germany put together.

China's engagement with the multilaterals has shown that the country wants to play a part in global governance, and it also wants to draw inspiration from different multilateral organizations, Chakrabarti said.

China's newly revised Budget Law clearly stipulates that local government debt should be publicly issued through a national quota-based mechanism, and various local financing platforms backed by the local authority should not issue local government debt.