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China's financial opening up can be seen as part of the country's efforts to honor its commitments to the World Trade Organization, as well as a move that enables it to integrate with global markets, Lin said, adding that the pace was quicker than expected and the progress was "universally recognized."

China's expanding energy transportation network will also boost the development of sectors including advanced steel, equipment manufacturing and engineering technology, he added.

China's first two batches of SOEs to implement ownership reforms were mainly administered by central government, such as China Eastern Air Holding Company and China Southern Power Grid.

China's coalbed gas reserves total an estimated 36.8 trillion cubic meters, the third-largest in the world after Russia and Canada, according to the National Energy Administration.

China's consumption showed ample resilience despite trade friction in the first half of 2018, with final consumption contributing to 78.5 percent of GDP growth, up from 58.8 percent last year, according to the National Bureau of Statistics (NBS).