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The country is expected to slash corporate taxes and fees by 2.5 trillion yuan (8.7 billion) this year, he added.

The country is also a world leader in renewable energy and the most advanced in the development of communication and information technologies in Latin America.

The core consumer inflation, which excludes volatile food and energy prices, increased 2.2 percent year on year in August, up slightly from July's 2.1 percent. The core CPI has been holding steady at a little above 2 percent since March.

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The country is now the world's largest producer and importer of fossil fuels. At the same time, it has kept enhancing efforts on cutting emissions, improving effciency and making its energy structure greener.

The country consumed 4.86 billion metric tons of standard coal in 2019, lower than the ceiling target of 5 billion tons.

The country gave private refineries the green light to directly import crude in 2015 as the government tried to attract private capital into the largely monopolized sector.

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The country also added more than 680,000 healthcare-related companies during the same period, which marked an increase of 18.06 percent year-on-year. Among them, 80,000 were in Guangdong province alone and 71,000 were located in Shandong province.

The cooperation between China and these nations is transparent and open, and China and Australia have no conflicts of interest over South Pacific affairs, he added.

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The contribution of Europe and North America to global growth, the OECD said, will "remain smaller than their weight in the world economy." In the United States, the GDP is expected to contract by 3.7 percent this year and the eurozone will witness a 7.5-percent contraction.

The council is considering a 26 cent tax per employee for each hour worked at companies with at least million or more in revenue. Revenue from the tax would go toward homeless services and affordable housing.