China to deepen reforms to cement economic hard power

With the comprehensive upgrade of the Chinese economy, he said, the two countries would cooperate in more fields.

Such sectors as financial service, agriculture, animal husbandry and manufacturing industry would enjoy more opportunities to benefit from China's economic development, Campbell said.

Former US Treasury Secretary Henry Paulson said China is offering more opportunities to small- and medium-sized enterprises, promoting its capital distributing efficiency, and striking a balance between consumption and investment.

Such reforms are of unprecedented significance for the world economy amid a sluggish recovery of global growth, as they will bring new products and investment opportunities, he said.

The upcoming plenum will establish a new direction for the Chinese economy, which is important for both China and developed nations, Paulson said.

Just days earlier, Premier Li Keqiang had spoken of a "golden balancing point" -- a fair economy that is both stable and sustainable.

Guo Shengxiang, a renowned Australian economist, said the remarks showed Chinese policymakers' intention to balance growth rate, reform measures and social acceptability.

Eswar Prasad, a professor at Cornell University, said Chinese leaders' aim for steady development reflects their wisdom in making economic and political policies.

Their cautious, but firm stance on reform would provide a living example for other countries, he said.