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"China has deepened and widened the opening-up of its financial sector by issuing licenses to foreign investors, allowing them to establish wholly owned companies or take a controlling interest in joint ventures in major business segments of the financial sector. It means that foreign investors can make better use of what they put great emphasis on－their management capabilities and management authority," said John Qu, senior partner at McKinsey, at the 2020 Global Wealth Management Forum in Beijing.

"China has never compromised, and will not compromise when it comes to safeguarding the one-China policy," he said, adding that China will take countermeasures against the "destructive" US practice.

"China is active in all areas of the organization's activities and it is clear that China's participation was vital to the successful negotiations in both the Trade Facilitation Agreement (TFA) and the plurilateral initiative expanding the Information Technology Agreement," he told Xinhua.

"China back then, and China today, are very different worlds."

"China is undergoing an economic transformation and upgrading at present. Therefore, the development of high-end manufacturing and smart equipment has become a buzzword. But as a matter of fact, traditional industries, which are closely related to people's daily lives, should also undergo upgrading and there will be room for their development," he said.