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"But the county-level governments can only requisition the goods within their own administrative region. The expropriation of the goods from other parts of the country need to be operated by the State Council," he was quoted as saying by Beijing News.

"Capital market development has become more important than ever," Li said, adding that the registration-based new share sale reform lies in at the core of capital market reforms, as it will give full play to market forces in supporting innovation.

"But the government is able to cope with the challenge of revenue loss by reducing unnecessary spending," Shi added.

"China is always open for negotiations," Gao said, emphasizing the principles of equality, constructiveness and balance needed in joint efforts.

"China has shifted into policy exit mode amid a firm domestic recovery and an improving global outlook. The country is expected to exit from expansionary fiscal and accommodative monetary policy in a mild way to steer off a policy cliff," he said.