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The draft is also in line with the amendment to the Constitution, which, adopted by the NPC in March, stipulates that China "pursues a mutually beneficial strategy of opening up."

The country will also step up reduction of taxes and fees and improve financing services. The country will improve its policies for targeted reserve requirement ratio cut to encourage inclusive financing and expand the application of its re-lending policies for small firms to equitable small- and medium-sized banks as well as Internet banks, it said.

A stable economic performance in China will of course promote the stability of global economy as China makes up about 15 percent of global GDP, said Mariscal.

According to a World Bank report on the ease of doing business released in October, China advanced to a global ranking of 46 among 190 economies this year, up from 78 last year, as the country implemented the largest number of reforms in the East Asia and Pacific region.

Wang said that the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) held in last September was a great success, stressing that the eight major initiatives outlined by China point the direction for the future of China-Africa cooperation with a blueprint.