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"China has accumulated rich experience that can be used to study key issues, opportunities and challenges related to digital technology," said Bengt Holmstrom, who is a 2016 Nobel laureate and an economics professor at the Massachusetts Institute of Technology in the preface. "At a time when almost all economies are increasingly being built on digital foundations, this is timely indeed."

"China advanced to a global ranking of 46 this year, up from 78 last year, as the country implemented the largest number of reforms in the East Asia and Pacific region," the report said.

"China has rich intellectual resources and a complex market structure. Multinationals have sped up the pace of setting up research and development centers in China in recent years," Wu said.

"China has entered into a new era, and I'd like to say, in the new era, there is something continuous from the past: China will continue to deepen the reform, and the reform will always be on the road," he said.

"China has unmet demand for quality medical and pharmaceutical services. This implies a huge market for US companies," he said.