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Already a middle income economy, China cannot overcome the trap by simply relying on structural reforms and expanding domestic consumption, said Edmund Phelps, a Nobel Prize-winning American economist, at an innovation forum held in the eastern business hub Shanghai on Tuesday.

In a congratulatory letter to the opening ceremony of the 13th World Chinese Entrepreneurs Convention here, Yu Zhengsheng, chairman of the National Committee of the Chinese People's Political Consultative Conference, said the Chinese entrepreneurs have been striving to improve themselves, integrate to the local society and make positive contributions to the economic and social development of their respective countries.

China will continue with reforms and opening up to eliminate mechanisms that restrict economic and social growth, he said.

In an exclusive interview with Xinhua after the announcement, Juleen R. Zierath, chairman of the Nobel Committee for Physiology or Medicine, said that Tu's "inspiration from traditional Chinese medicine" was important.