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China has been Australia's largest trading partner for the past eight years. In 2015, the two countries inked a free trade agreement known as ChAFTA. Last year, bilateral trade reached 107.8 billion U.S. dollars, with China seeing a deficit of more than 30 billion dollars.

Under China's political system, provincial and ministerial officials play a key role in the country's governance. And policies can only achieve their designed effects once they are instilled into each level of governance.

First, although China's financial system is basically sound with a high savings rate, China still needs to continue preventing and resolving major financial risks, Liu said.

He said that both China and Japan have a lot of advanced ideas, technologies and products in energy saving and environmental protection, and enhancing cooperation is in the interests of both sides and has great prospects.

Myanmar expects to actively participate in the Belt and Road Initiative, and cement exchanges and cooperation with China in various fields, he said.