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"China will keep improving the market-oriented foreign exchange regime and maintain flexibility of the yuan exchange rate, generally at a reasonable and stable equilibrium this year," said Wang Chunying, spokeswoman of the State Administration of Foreign Exchange, the country's foreign exchange regulator.

"Consequently a major challenge for the Labour government in its second term will be to stabilize the large increase in government debt as a share of GDP caused by the COVID-19 pandemic fiscal stimulus measures," he said.

"China's economic miracle was fueled by industrialization, investment and trade, but today domestic consumption is the main driving force of growth."

"China will soon become our largest market outside of the United States," said Steve Easterbrook, McDonald's president and CEO.

"Compulsory technology transfers are explicitly banned, while we encourage the exchanges of knowledge and technology," he said, ruling out that China forces foreign companies to transfer their technology when considering investments in China.