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"China will not close the door to the world but will only create more spaces," the official said in a statement. "Since its entry into the WTO, China has kept its promises on tariff cuts and market opening, stood against protectionism, improved protection of property rights, promoted fair competition and pushed forward economic globalization."

"Chinese e-commerce firms have been rapidly increasing their presence in the global market," said Feng.

"China's successful exploration and practices in reform and opening up have offered a new choice for humanity as the world is at a crossroad for development," said Chi Fulin, head of the Hainan-based China Institute for Reform and Development.

"China's current account is now broadly in line with fundamentals," said Gita Gopinath, an economist at the IMF. "The (current account surplus) decline reflected a combination of structural factors and expansionary credit and fiscal policies, but also greater exchange rate flexibility and the associated real appreciation over the last decade."

"China reserves the right to react," Wang told reporters at a regular news briefing in Beijing.