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China has replaced these countries as a main driver of globalization, and will remain so in the future, he said.

Chinese Vice Premier Liu Yandong, who arrived in Israel on Monday evening for a two-day visit, said that China-Israel relations have made a significant progress since the two countries established diplomatic ties over two decades ago.

The emphasis on urban planning comes against a backdrop of unfettered, rapid urbanization in the past few decades, which has resulted in urban ills such as traffic jams, pollution and compromised public safety.

He noted that the Chinese government had taken continued efforts to tackle corruption in the past few years, which had greatly boosted integrity of the society.

Orlik said policy makers will likely remain in wait-and-see mode before deciding on further stimulus.