Valuable lessons for the world

Unlike some countries, China has opted not to totally replace the government's role in resource allocation with that of the market. Instead, it has adopted a mixed system in accordance with its own conditions to reduce opposition to reform while ensuring high, market-driven growth.

Lin, former World Bank chief economist, said China's way of dealing with reform was a "pragmatic approach".

"The result was to achieve transition without tears," he said. "It was based on the government's recognition that big-bang reforms could be self-defeating. It was necessary to let private enterprises prosper wherever feasible, but to continue to support important State-owned enterprises while reforming them gradually."

Cai said China's experiences in reform and opening-up and development, and its constructive suggestions for global development-oriented rule-setting and governance constituted a contribution of public goods to the world.

"China does not seek hegemony, nor does it export its development model, but ... its development, wisdom and solutions are very important for the world," he said.