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China is actively shaping a new development paradigm while it expands domestic demand and opening-up, which will bring new opportunities to Germany, Xi said.

China is considering further cutting the reserve requirement ratio of banks and boosting their relending and rediscount quotas to reduce actual interest rates and financing costs for small and micro businesses, Premier Li Keqiang said on Monday.

China has tightened management of local government debt since 2014, and the policy framework has been improved gradually, including the introduction of a debt ceiling and the launching of an emergency disposal mechanism for debt defaults.

China has sold more than 50 million domestically manufactured chips connected to the Beidou navigation and positioning system in the past five years.

China is expected to replace South Korea as the world's largest flat-panel display producer this year, according to a report from the China Video Industry Association and the China Optics and Optoelectronics Manufacturers Association.