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"China, like other countries, will never allow anyone to engage in criminal activities, spread religious extremism and carry out violent terrorist activities under the pretense of religion," it said, adding that the report maliciously smeared and attacked the Chinese government's policies of governing Xinjiang and Tibet.

"China ranks first in publications, production and broadcast of television dramas, and movie screenings."

"China's asset management industry has witnessed astonishing development by leaps and bounds in recent years, and we have faith that such growth will remain robust in the medium and long term," Shin added.

"Commercial banks' general asset management business contracted last year, largely due to the newly released asset management regulations. But China's private banking sector grew unexpectedly, leading wealthy Chinese to invest in the country's key sectors to optimize social resources and accelerate the transformation of China's banking industry," said Bai Ruiming, deputy secretary-general of the association.

"China's income growth remains at the same level of mid-income countries and it still has a lot of potential to develop," he told another forum held by the Institute of Economics of the CASS on Friday.