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China is now home to BMW's largest research and development facilities outside of Germany. He said, with them the company will tap even more into the huge potential of the market and develop technologies and products for global customers.

China has set "Two Centenary Goals" for the nation's rejuvenation: to finish building a moderately prosperous society in all respects by the time the CPC marks its centenary in 2021, and to build China into a modern socialist country that is prosperous, strong, democratic, culturally advanced and harmonious by the time the PRC celebrates its centenary in 2049.

China has pledged to lift all people out of poverty and build a moderately prosperous society by 2020.

China is aiming to steer its economy toward internal demand drivers with the recent announcement of the "dual circulation" model, in which "internal circulation" takes a dominant role and "external circulation" additionally supports the economy. The country's top policymakers have reiterated this year that stance as a core policy tone for the development plan for the next five years.

China is firmly against the move, which "denies the market economy principle that the United States has always advertised, and will not gain recognition or support from the international community," Foreign Ministry spokesman Geng Shuang said at Tuesday's news conference.