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Wang said all the achievements made have testified to China and ASEAN having the wisdom and ability to properly manage disputes, formulate a set of regional rules that all recognize and preserve peace and stability in the South China Sea.

Wang Zhendong, chairman of consultancy firm Shanghai Feiyue Investment Management Co, said Luckin's strong capacity in capital raising has not been backed by a sound performance. During the first quarter of this year, the company incurred losses of 552 million yuan (.1 million), with a still declining revenue growth.

Wang said currently, China is seeking development of high quality, and deepening structural reform is part of the endeavor.

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Wang Zhonghao, manager of the incubator, said his team of 20-plus employees provides "nanny-like" services to entrepreneurs like Huang, most of whom are millennials.

Wang said China has never forced US companies to transfer technology. The truth is US companies voluntarily signed contracts with their Chinese partners to transfer technologies in order to access the Chinese market and those US companies have also charged fees for such transfers.

Wang made the remarks at a joint press conference with his French counterpart Jean-Yves Le Drian after their talks.

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Wang also reaffirmed China's commitment to never seek hegemony, expansion or spheres of influence, saying that China will stick to its path of peaceful development.

Wang Yuchun, president of Shengdi Co, a market leader in China's saxophone production, said: "Shengdi has shifted 20 percent of its production to the high-end market and is devoting more efforts to strike a chord with leading global music troupes."

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Wang made the remarks while touring a China-sponsored traditional Nepalese medical research training center in Kathmandu during his visit to the country.

Wang forecast new yuan-denominated loans extended by commercial banks to hit 900 billion yuan (6.4 billion) in November, up from 663.2 billion yuan in October. That would make the aggregated new yuan loans in the first 11 months this year exceed the total of 2016.