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"Compulsory technology transfers are explicitly banned, while we encourage the exchanges of knowledge and technology," he said, denying that China forces foreign companies to transfer their technology prior to investing in China.

"Compared to those sold in brick and mortar stores, each mini excavator only costs about 50,000 yuan, less than half the giant ones. I don't know how to drive an excavator, but the worker who helped dismantle the latrines said it worked perfectly," Wang said.

"China's economy will need to rely increasingly on domestic demand to sustain rapid growth," it said in the May edition of the China Economic Update.

"Chinese students form an integral part of our education and research community," he said. "I am delighted that our popularity among Chinese students and their families has been recognized with this prestigious award."

"China's current account is now broadly in line with fundamentals," said Gita Gopinath, an economist at the IMF. "The (current account surplus) decline reflected a combination of structural factors and expansionary credit and fiscal policies, but also greater exchange rate flexibility and the associated real appreciation over the last decade."