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"Good factors" in the West involved advanced technology, economy, freedom and equality. Scholars from the East and West had always held that "good factors" were inherent in the West, but in fact they all originated from Confucius' philosophy and Confucian culture that moved westward, he said.

"For those of us who have visited China, we have witnessed the economic development in the country. I thus challenge our youth to take advantage of the opportunities provided by BRI and learn how China managed to develop from a poor country to a superpower, and replicate the same in our country," he said.

"Foreign capital holding shares in SOEs can benefit both sides. With the breakthroughs made in the reform, the country now has conditions that can facilitate the introduction of foreign capital to SOEs," he said.

"For thousands of years, China's rural communities were built on the special connections between acquaintances. For many rural residents, the opinions of a neighbor, a senior villager, or a generally acknowledged gentleman matter as much as the law or the orders from the government. Therefore, financial credit in rural regions could be re-evaluated through the system," said Pang.

"Following four decades of high growth and poverty reduction, China has entered a new stage of development," as it seeks to address development challenges to ensure a high-quality and sustainable growth path, the World Bank said in its newly released Country Partnership Framework (CPF) for China for fiscal year 2020 to 2025.