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Obonyo noted that it was China that engaged the Japanese first, adding China refused to surrender and it was truly remarkable that China fought with such limited equipment and still held the Japanese back.

Reforms are the best catalyst for growth, it said. The government has been encouraging innovation and business startups, and reform of state-owned enterprises is also deepening.

Mass entrepreneurship and innovation is a strong power driving development. Creativity of the people is the greatest asset for development. China has a labor force of 900 million and over 7 million people graduate from college every year, with more and more of them joining the ranks of entrepreneurship and innovation. This has led to new supply and demand, and could well count as a major factor in keeping growth stable. Mass entrepreneurship and innovation means more employment. Though growth is moderating, more jobs are being created because new market entities keep emerging. Measures to streamline administration, delegate government power and reform the business system have enabled new businesses to get started. For the past one and a half year, over 10,000 new businesses have been registered on a daily basis in China, and the momentum is still growing, creating a lot of jobs in the process. Mass entrepreneurship and innovation gives impetus to developing a sharing economy. The sharing economy that is now thriving on a global scale opens a new way to driving economic growth. Entrepreneurship and innovation through sharing and collaboration lower the threshold and costs and increase the speed of doing business. This opens up space for developing the sharing economy in China and may get a lot of people involved. Mass entrepreneurship and innovation represents an innovative step in the income distribution model. With tens of thousands of people earning more through innovation and starting up businesses, primary distribution gets to play a bigger role. A distinct Chinese model of wealth creation through hard work and mass participation is now taking shape. And this will help put in place a more equitable distribution pattern. Mass entrepreneurship and innovation is effective in promoting social justice. As long as they are willing and capable, all people could establish themselves and lead a promising life through innovation and entrepreneurship. They could all have an equal chance for development and for moving up the social ladder, and could all enjoy a life of purpose and dignity.

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Market sentiment has become increasingly fragile following the drastic ups and downs in the previous weeks. The market considers 4,000 points an "important psychological mark" and risks are believed to escalate as the Shanghai index rises above it.