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The Sherpas Meeting, as a major channel to push forward BRICS cooperation, aims at political preparation for the leaders' meeting. It is also routine for the BRICS chairmanship to hold several Sherpas Meetings before the summit.

China has witnessed a property boom for more than a decade, with home prices in many big cities soaring sky high, triggering a fear of an enormous asset bubble that could eventually destabilize the economy.

The cooperation includes offshore oil and gas exploitation equipment, underwater robotics as well as scientific utilization of the Arctic passages, according to attendees at a forum on marine technology under the Belt and Road Initiative, held in north China's Tianjin Municipality Tuesday through Wednesday.

"This route plays a very important role in the bilateral trade," he added, thanking both the Chinese and the Hungarian governments for their joint efforts.

Authorities have opened up the bond market further, supporting overseas institutions to issue bonds in China, Pan said.