At a news conference in July in Beijing, he said that the ongoing urbanization process will offer considerable space for high-quality development in the real estate sector.

Highlighting the country's ongoing deepening reform practices, Han said China aims to drive the transition from its traditional growth drivers to new growth drivers, providing robust support for high-quality development.

Han said key focus should be placed on promoting the healthy development of the property sector and accelerating the development of emerging sectors and future industries.

He emphasized the need to foster new quality productive forces in line with local conditions, saying more efforts should be made to spur emerging industries, develop future industries, upgrade traditional sectors and promote the advanced, smart and green development of the manufacturing sector.

Looking ahead, Han highlighted the necessity to expand domestic demand, notably consumer demand, saying the country needs to fully unleash the potential of domestic demand to prop up the world's second-largest economy.

In its latest efforts to spur domestic demand, China announced in late July that it would allocate around 300 billion yuan in ultra-long-term special treasury bonds to support the program of driving large-scale equipment upgrades and trade-in deals for consumer goods.

According to the document jointly released by the National Development and Reform Commission and the Ministry of Finance, about half of the bond funds will be used for supporting trade-in deals for consumer goods, while nearly half of the funds will be used for driving large-scale equipment upgrades.

Earlier this year, China announced plans to issue 1 trillion yuan worth of ultra-long-term treasury bonds for major national strategies and build up security capacity in key areas in 2024.

Zhou Maohua, a researcher at China Everbright Bank, said China's domestic demand and consumption will likely continue to pick up in the second half of the year, with the implementation of the latest measures to promote the trade-in program, issuance of treasury bonds and policies on stabilizing the real estate sector taking effect gradually.

Global entrepreneurs hailed China's ongoing efforts to deepen reforms and opening-up, saying China's pursuit for high-quality development will create fresh opportunities for global stakeholders.

US-based smart building solutions provider Johnson Controls is optimistic about China's economic prospects. The company said it has seen a number of growth opportunities arising from the country's pursuit of new quality productive forces.

"China has done a lot to create a better business environment for domestic players and their foreign counterparts, including shortening the negative list for foreign investments," said Anu Rathninde, president of Johnson Controls Asia-Pacific. "We wouldn't have been as successful as we are today if that business environment didn't allow us to grow, which is a testimony to the support that we get from the government and the business environment."

According to him, China is one of the most important markets for Johnson Controls and the company will continue to enlarge its footprint in the market.

"We will continue to expand our manufacturing and R&D capabilities. That's our commitment to China — to do business in China and grow as the Chinese market grows," he said.

Zhang Ying, managing director of Dassault Systemes Greater China, said the company has significantly benefited from China's optimized business environment during the past few years.

Looking ahead, he said the company will continue to increase investment in the China market, scale up production and boost innovation and R&D.

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