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As many Chinese companies cast off their heavy dependence on service trade with the US and conduct more international collaboration in research and development with other countries including Germany, Russia and South Korea, Yu said it would be beneficial for China and Germany to deepen cooperation in the field of service trade.

As on-budget fiscal spending is constrained by the fiscal deficit-to-GDP ratio, which was set at 2.6 percent this year, the off-budget fiscal financing measures could play a more significant role, said experts.

As of July 1, a total of 1,178 km of new rail lines had been launched. For the whole year, China plans to add new rail lines totaling 4,400 km, including 2,300 km of high-speed tracks, the China State Railway Group said.

As part of its measures in this regard, China plans to reduce steel capacity by 100 million to 150 million metric tons from 2016 to 2020, according to Vice-Minister of Finance Zhu Guangyao.

As part of the effort, China has shifted away from a relatively loose monetary policy that helped lift growth over the past years, gradually guided interbank lending rates higher and tightening supervision on non-performing assets, shadow banking and local government financing.