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China successfully met its target of reducing 45 million tons of steel production capacity and 250 million tons of coal production capacity last year, leading to a price increase of steel and coal products. Meanwhile, the country has managed to reduce commercial housing stock by 23.14 million square meters and lower the overall corporate asset-liability ratio by 0.4 percent. However, the country's overall enterprise leveraging level, or debt-supported social financing to GDP ratio, rose by eight percent, according to the institute's calculations.

China still has enormous potential for economic growth through the services sector, and is capable of curbing financial risks like the debt of State-owned enterprises and local governments, a senior official said.

China still has room for monetary policy expansion as the country's interest rates are not as low as they are in advanced economies, Zhou Xiaochuan, former central bank governor, said on Thursday.

China led the share of global investment and financing in the field of AI between 2013 and the first quarter of 2018, with 60 percent of the global total, followed by the United States with 29 percent and India with 5 percent, according to Future Health Index 2019, a report on digital health by health technology company Royal Philips.

China managed to post a 20 percent annual growth in revenue in the sector during the same period. The target set for the next five years in China is 15 percent annual growth, but Mohan said the country is likely to outperform those expectations, as it has done in the past few years.