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"China is transitioning from the high-speed growth stage to a new phase of high-quality development," the NDRC noted in a statement posted on its official website on Wednesday. "With the new round of technological revolution and industrial transformation, the domestic and global environment has undergone profound changes. The previous version can hardly adapt the new changes in the new situation."

"China has switched to a consumption-driven growth model. As personal incomes continue to rise and domestic consumption keeps being upgraded, the retail banking business has enormous growth potential," he said.

"But the US side came up only with its unilateral and gangster-like demand for denuclearization, just calling for CVID," the spokesman said, pointing out that the US side "never mentioned the issue of establishing a peace regime on the Korean Peninsula".

"China has created in the past 20 years many potential advantages, and it is starting to use some of them. But I think it can use those advantages much more quickly and strongly, particularly in the energy sector. China is in a good place to put these advantages to work," he said.

"China has become the most exciting stage for the global energy revolution and development path innovation," Zou said.