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"China's asset management market is expected to grow more than fourfold over the next 10 years… We are committed to bringing global best practices and enhancing the financial wellness of Chinese citizens," Ho said.

"Currently, some local governments are still illegally running into debt in disguised form, with the forms of debt becoming increasingly diversified and the risk growing," said a director of the finance department at the ministry.

"China will open up more investment areas and loosen many restrictions on existing industries, and this will present many opportunities for foreign companies who are interested in this huge market," he said.

"China will not tolerate any country hurting its core interests," Wei said, adding that the country's core interests include sovereignty, safety and the right to development. Wei is now vice-president of the China Center for International Economic Exchanges, a major government think tank.

"China wants on build 5G networks at a pace that is moderately ahead of schedule, as the country is entering a lead-in period in 5G construction in the coming three years, " Wen said.