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China's development has also contributed to globalization and provided growth and employment opportunities for different countries, according to the paper.

China's fast-growing chemical industry has been the largest in the world by revenue since 2011, and its growth rate continues to outpace other major chemical-producing regions, according to consulting firm McKinsey.

China's embassy in Washington could not immediately be reached for comment.

China's economy is bouncing back to growth after a steep slump from the COVID-19 pandemic with better-than-expected indicators in the second quarter, said Yan Pengcheng, director of the Department of National Economy at the National Development and Reform Commission, during a news conference in Beijing on Friday.

China's new economic development strategy requires the government to improve fiscal policy, promote tax reform, make government spending more efficient and prevent financial risks, according to a senior finance expert.