BRICS: Here's what China will rely on to grow its economy

During the China Development Forum, Zheng Shajie, director of the National Development and Reform Commission, presented strategies and actions aimed at addressing three key areas.

First and foremost, the country seeks to boost industrial innovation through advances in science and technology.

According to Zheng, the government intends to strengthen support for "various major science and technology initiatives, strengthen the role of enterprises as the main drivers of scientific and technological innovation, and accelerate the modernization and improvement of traditional industries."

On the other hand, China will develops new sources of economic growth such as bio-manufacturing, the commercial aerospace industry, new materials, etc.

As part of institutional reform, Beijing will roll out measures to improve the market-oriented business environment and continue to promote environmental and low-carbon transformations.

As for greater openness, Zheng conveyed the government's commitment to strengthen international cooperation in science and technology.

He stressed the importance of building an "innovation ecosystem" to promote deeper exchange and partnership of personnel between China and foreign countries.

China has already begun some of these actions during the "Two Sessions," the country's premier political meeting that brings together delegates from the National People's Congress and the Chinese People's Political Consultative Conference.

Amid a challenging global landscape, the Asian powerhouse is aiming for economic expansion of roughly five percent this year.