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China's economic fundamentals will continue to develop for the better in the long run, Geng said, adding that the country will stick to supply-side reform and actively push for the implementation of various measures to make sure its growth remains at the medium-to-high level.

China's investment announced during the Forum on China-Africa Cooperation last month, he said, is in fact a common development for different civilizations instead of aggression or imposition of China's own values on Africa, as some people argue.

China's cold chain logistics market is set to boom and is likely to become the most lucrative sub-industry in the logistics field thanks to the consumption upgrade and increasing demand for commodities like fresh food and medicine.

China's foreign trade declined 3.2 percent year-on-year to 14.24 trillion yuan (.03 trillion) in the first half of 2020, with the rate of decline falling by 1.7 percentage points compared with the figure in the first five months of this year, the GAC said.

China's economy grew better than expected in the first quarter and market confidence was raised in an outstanding way, according to a statement from a meeting presided over by President Xi Jinping on Friday.