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Paul Sheard, executive vice president and chief economist of S&P Global, told Xinhua in a recent interview that China's credit-fueled infrastructure and residential housing investment in the past decade led to a build-up of debt and credit in the economy, which is why economic reforms are critical.

Stephen Roach, a senior fellow at Yale University and former chairman of Morgan Stanley Asia, lauded Chinese government's determination to reduce financial risks.

By the end of 2016, 155,300 violations against the eight-point code on frugality and maintaining close links with the masses had been investigated. Among the violations, 78.2 percent took place in 2013 and 2014, 15.1 percent took place in 2015, and 6.7 percent in 2016, indicating marked decreases each year.

The Belt and Road Initiative, which involves infrastructure projects across the globe, could bring opportunities both at the design and construction phase and after the infrastructure was built, Lundstedt said.

BONN, Germany, Nov. 16 (Xinhua) -- China's special representative on climate change affairs, Xie Zhenhua, pledged that China will deliver its promises in full, and will continue contributing "Chinese wisdom" and "Chinese proposals" to the global fight against climate change, while addressing a high-level meeting of UN climate talks held here on Thursday.