China, which joined the WTO in 2001, issued a new "negative list" on Thursday that sets out which of its industries are closed to foreign investors. It was first drawn up in 1995 and has previously been revised seven times.

Thursday's new list cuts the restrictions from 63 to 48, especially in service industry, infrastructure, railway passenger transportation, international shipping, grain purchases and wholesales. It will become effective on July 28.

The pledge to widen access to Chinese markets and pursue a win-win strategy for China's trading partners comes as Beijing and Washington remain locked in a tit-for-tat import tariff threats.

China's stance of further opening-up and being more inclusive is in a sharp contrast to its rival's protectionist stance, Yang said.

It is clear who is right and who is wrong — the truth will eventually emerge, Yang added.