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China must coordinate domestic and international factors, and pursue development while ensuring security, to resolve all kinds of risks in the upcoming 14th Five-Year Plan (2021-25) period, Ning said.

China should continue to reduce excess capacity, curb credit, lower debt leverage in the corporate sector and reform state-owned enterprises, said Sudhir Shetty, chief economist of the World Bank's East Asia and Pacific Region.

China issued a document Monday which encourages local governments and financial institutions to use special bonds and other market-based financing methods to support key areas and major projects such as the coordinated development of the Beijing-Tianjin-Hebei region and the construction of the Yangtze River Economic Belt.

China will also build financial platform for industrial cooperation.

China ranked 21st, 56th and 66th in terms of health, education and living conditions respectively, according to the latest ranking.