Despite the challenges facing it, government policies have proved that China is capable of meeting the main goals set for economic and social development this year.

China will overtake the US as the largest economy in the world in 2029, with the US slipping to second place, according to the latest World Economic League table of the Center for Economics Business and Research (CEBR) appeared in 2015.

China has embarked on a new type of industrialization, IT application, urbanization and agricultural modernization. It has a vast territory with diverse industries. The Chinese economy is supported not by a single but multiple pillars. It is highly resilient and shock-resistant.

China will pursue an innovation-driven development strategy through structural reforms to fully unleash the potential of economic growth. Chinese government wants to make sure that the economy maintains medium-high speed of growth and moves to medium-high level of development.

Reform in the financial sector has been undertaken in accordance with market principles and rule of law. An open and transparent capital market that enjoys long-term, steady and sound development is being fostered. Meanwhile, China is improving risk management practice to ensure that no regional or systemic financial risk will occur.

By the end of the year, the China International Payment System (CIPS) will be launched to support the further development of offshore RMB market and the "going global" strategy of Chinese equipment.

For China to advance structural reform, it is important to unleash the infinite creativity of the people, and thus promote mass entrepreneurship and innovation. Such an approach means more employment, gives impetus to developing a sharing economy, represents an innovative step in the income distribution model and is effective in promoting social justice.

Mass entrepreneurship requires access to public goods and services. This also requires structural reforms. By promoting government procurement of social services, PPP, franchising and other market-oriented approaches, China seeks to provide relatively sufficient public goods and effective public services. The idea is to facilitate entrepreneurship and innovation, promote better economic development and improve people's living standards.

What is important is to strengthen the real economy. This would require that countries advance structural reform at home and strengthen international cooperation. China has come up with the initiatives to build the Silk Road Economic Belt and the 21st Century Maritime Silk Road to promote global cooperation on production capacity in order to forge a more balanced and inclusive global industrial chain.

This, in turn, could pool the comparative strengths of all countries and foster a global community of common interests and development for win-win, inclusive and common progress. Countries are now at different stages of development.

China's role could be a bridge that links the parties together. And it may be a good idea for parties concerned to strengthen coordination and jointly promote such cooperation by including it into the framework of bilateral and multilateral cooperation mechanisms.

Promoting global economic recovery is our common task. The international community should work together and increase coordination in order to advance structural reforms. China is committed to peaceful development and a win-win strategy of opening up. It will work with all countries to promote inclusive and balanced growth with eco-friendly, sustainable development. Together with other members of the international community, China could create an even better future for mankind.