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China-Germany cooperation in cross-border renminbi business has made extraordinary progress. In the past year, three German institutions including Deutsche Asset Management, have been approved as RMB-qualified foreign institutional or RQFII investors, which accumulated an overall quota of 10.54 billion yuan (.51 billion).

China's shadow banking sector is expected to become healthier in 2021 amid improving regulatory efforts to de-risk the sector, after assets of the most risky shadow banking activities contracted by nearly a quarter from an all-time peak, experts said on Monday.

China's process of opening-up would leap forward with the introduction of free ports, said Wei, who is a former vice-minister of commerce.

China's shrinking working-age population should not cause alarm, experts said, after figures released recently by the National Bureau of Statistics showed declines in the number of workers over seven consecutive years.

China's shift to "dual circulation", as President Xi has pointed out, does not mean the country will close its door to the outside world. Instead, a more mature and brisk domestic market will do nothing but contribute to the world economy.