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Zhao attributed the default largely to a spike in steel and coal prices this year and local governments' reluctance to cut capacity in order to protect jobs and local economies.

China also led the efforts to build a more stable and more resilient international financial architecture, with the release of a report in this regard by the International Financial Architecture Working Group, which was resumed under China's G20 presidency, the vice governor said.

Liu also called for more efforts to accelerate the development of cultural industry via reform and innovation.

With the economy on fire and a long tradition of entrepreneurship, local magnates are taking the fight around the globe. Automaker Geely became a global name in 2010 when it bought the ailing Swedish brand Volvo from Ford for 1.8 billion dollars. Today China's listed companies are targeting acquisitions in automobiles, electronics, chemicals and bio-medicine in Europe and North America. From 2012 to 2014, Chinese enterprises made 29 such acquisitions, 10 of which originated in Zhejiang.

"His remarks strengthened confidence in China's development and growth, and sent a strong signal that China will bring more opportunities to the world while ensuring its own development," Yang said.