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China's recent economic moderation is a natural consequence of its economic restructuring, and the country's solid growth momentum remains uninterrupted in the longer term, Asian Development Bank Chief Economist Yasuyuki Sawada said on Sunday.

China's ratio of R&D expenditures to business revenues was 2.27 percent during that period, which is quite high but still lower than many other major economies, he said in an interview. "It means there's still much room for China to further increase its R&D expenditures."

Chinese Premier Li Keqiang has a discussion with some foreign experts working in China prior to the Chinese Lunar New Year, which falls on Feb 5 this year, at the Great Hall of the People in Beijing, capital of China, Jan 25, 2019. [Photo/Xinhua]

China's reform and opening-up will not only benefit the country and its people, but help contribute new growth momentum and facilitate changes to the global economy in many aspects, said officials and business leaders from home and abroad.

China's used car sector has long been biding its time but is switching into the fast lane in the past year. The latest data from the China Auto Dealers Association showed that a total of 12 million used cars were sold last year, an increase of 19 percent year-on-year.