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China-Southern Common Market (Mercosur) mechanism will start in October this year in Uruguay, the rotating presidency of Mercosur.

China's thriving online education market now has a new player: Taobao.

China's whole industry chain system can also help global enterprises to rapidly commercialize advanced technological achievements as well as minimize their costs, which will effectively attract foreign direct investment, according to Peng.

China's top policymakers have stated that the country will focus on high-quality growth rather than the absolute growth rate number at the annual, tone-setting Central Economic Work Conference held in December.

China's reform and opening-up that began in the late 1970s "has had remarkable positive effects on China's standard of living," Obstfeld said in a recent interview with a small group of reporters ahead of his retirement from the IMF at the end of the year.