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"China's system selects very competent, best people in government," said the minister. "And over 35 years, it has uplifted more than 600 million people out of poverty. No country has done that in history, in 35 years."

"Customers are no longer categorized in traditional silos like age groups or professions, but the true 'social circles' they belong to," she said. "The troves of data are critical to constructing content and marketing to make our offerings unique."

"China's contribution to world economic growth has exceeded 30 percent over the past five years," Chen said. "Without China, there would have been no recovery of the world economy and there would have been no recovery in the US after the global economy was hit by the financial crisis of the century that started in the US in 2008."

"Commercial banks are suggested to better recognize and assess potential risks. Under a marketoriented interest rate system, they need to set prices of financial products based on different risk levels," said Xu.

"China's determination to further open itself to outside investment shows that China will be an open economy and has more confidence in international markets," he said.