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China will apply a relatively low required reserve ratio (RRR) for some small and medium-sized banks starting from May 15. About 1,000 county-level rural commercial banks will enjoy a favorable RRR of 8 percent, unleashing long-term capital of about 300 billion yuan, Yi said.

China looks to lower the rate of tobacco use among those aged 15 and above to under 20 percent by 2030, according to a health promotion plan released in July by the State Council. The rate stood at 26.6 percent in 2018.

China offers a huge range of opportunities including the rise of the size of major Chinese companies (both private and SOEs), the rapidly growing middle class, the rise in high-net-worth individuals and large private companies, and the level of innovation that is occurring in China, said Meacock.

China is weaning itself from reliance on investment in commodities and infrastructure and turning to the tertiary sector and consumption to sustain growth momentum, which have grabbed bigger and still-increasing shares of the economy.

China supports Saudi Arabia's efforts to safeguard stability and security and is willing to implement a list of major cooperative projects in industrial capacity and investment under the framework of the Belt and Road Initiative, he said.