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"China will definitely be the largest economy in the world (in the future)," Oschmann said after the launch ceremony in Shanghai. "And this is not only based on China being so big and having such a (huge) population. It is also based on values and cultural elements in Chinese society."

"Compared with the two previous versions, the new plan focuses on drawing advanced experience to foster a favorable business environment aligned with the highest international standards and best practices," said Eddie Yan, Deloitte China Government & Public Services partner.

"China's capital reform efforts are market-oriented, rules-based and more compatible with international standards. As the Chinese stock market grows rapidly, the acceleration of the reforms will help boost the market's global profile and enable it to better serve the economy," Li said.

"Currently, China ranks in second place globally in terms of the number of international scientific papers published and patents granted for inventions. China has also made breakthroughs and even been at the forefront in some key fields, such as voice recognition and visual recognition technologies."

"China's economic growth and poverty alleviation since 1978 is unparalleled, making a profound contribution to regional growth and development," Ciobo said.