Another key driver of domestic consumption and economic growth is China's urbanization, which could give rise to stronger demand for production materials such as steel and cement, he said.

China's urban population accounted for 60.6 percent of the total population at the end of last year, and Chi said it is expected to hit 66 percent by 2025 through increased urbanization and development of city clusters.

Meanwhile, attaining a major breakthrough in the systemic opening-up of the services sector is a must as China strives to develop an open economic system at a higher level, he said.

Chi highlighted the need to step up alignment in standards, rules and management in the services trade with international norms, especially in the healthcare and education sectors.

"We need to break away from various market and administrative monopolies in the services sector as early as possible. By doing so, we can create an enabling market environment to energize private businesses and expand the room for foreign businesses to increase their investment," he said.

Chi gave the example of the Guangdong-Hong Kong-Macao Greater Bay Area, saying that further integration in trade in services in the region will hinge on more synergizing in standards of accounting, services, management and commercial laws.