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China has actively participated in the wide-ranging cooperation within the APEC framework. Chinese presidents have attended all APEC economic leaders' meetings and the positive, balanced and rational proposals they made at those meetings have won wide acclaim.

China has been pressing ahead with the reform of administrative approval. Since the 18th National Congress of the Communist Party of China in 2012, the State Council departments have canceled the requirement for administrative approval on 618 items, according to the white paper.

China encouraged market-oriented capacity cutting through mergers and acquisitions as well as improved financial support for the sector's reorganization.

China has challenges, though, as the epidemic has petered out in the country, hampering efforts to conduct large trials.

China has fine-tuned its monetary and fiscal policies since the second half this year, with the government boosting infrastructure investment through expanding banks' lending and local government bond issuance.