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China has introduced a raft of opening-up policies in the banking and insurance sectors over the last two years, including expanding the business scope of foreign-invested firms and easing market access.

China collected administrative fines of almost 13.6 billion yuan from more than 166,000 environmental violations across the country in the first 11 months this year, the country top environmental watchdog said. 

China has a lot of macroeconomic room to deal with the crisis, but many countries may not, which would slow overall recovery.

China has made breakthroughs in a number of fields of telecommunications and has pioneered areas including shared bikes and payment through smartphones.

China expects the association to play an active role in "maintaining the stability of regional, and even global financial markets and promoting common development and prosperity in the region", Lu said.