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"China's remarkable progress in reducing extreme poverty has significantly contributed to the decline in global poverty," noted Hoon S. Soh, World Bank Program Leader for economic policy for China.

"Chinese companies will follow WTO rules and negotiate import agreements with US companies in accordance with market-based principles to expand imports of goods and services from the US."

"Currently, companies in many inland cities in China still have to bring their goods to harbor cities to finish all the required examinations," Tu said.

"China's reform and opening-up will be further strengthened in the future and the country will explore higher-level and more liberal opening-up policies," he said.

"Corporate income tax evasion in the region is especially acute," the agency said, adding that tackling tax evasion should be a priority, as the region lost 5 billion, or 6.1 percent of its GDP in 2018, due to tax noncompliance.