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"Chinese companies used to focus on generics, but now they have been building up R&D capabilities and many invest generously in innovative drugs."

"China's economic reforms have paved the way for the nation to create some of the world's leading companies in e-commerce, artificial intelligence, genetic engineering, financial services and biotechnology," she said.

"Could you name a single fact that would definitively prove the collusion? This is nonsense." Putin said, "There's no evidence when it comes to the actual facts, we have to be guided by facts not by rumors."

"China will develop a stronger multi-layered capital market, which includes large stock exchanges, regional equity markets, private funds and venture capital funds, to better support the development of innovative enterprises," he said while highlighting the importance of daring innovation in the banking, insurance and securities sectors.

"China used to have comparative advantages in developing labor-intensive industries with its abundant and cheap labor to export goods to the international market and benefit from globalization," he said.