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China's National Science and Technological Innovation Plan, announced last year, called innovation "a primary driving force for development", and President Xi Jinping has described innovation as "the soul of the people and the source for the country's prosperity".

China will expand the implementation of a series of pro-innovation reform measures to further drive innovation and creativity, a State Council executive meeting chaired by Premier Li Keqiang decided on Wednesday.

China will soon become the first country to have its crude steel output exceed 1 billion tons in 2020, said Li Xinchuang, chief engineer of the China Metallurgical Industry Planning and Research Institute, in an interview to the Xinhua News Agency earlier this week.

China's actual use of foreign capital soared 5.5 percent on a yearly basis to 98.7 billion yuan (.38 billion) in November this year, marking the eighth consecutive month for the country to witness positive growth in foreign direct investment, according to data released by the Ministry of Commerce.

China will further reduce taxes and fees to ease burdens on enterprises, firmly prohibit any new burdens from being enacted, research and promulgate new policies to substantially reduce taxes and fees, and ease the difficulties in getting financing for the real economy, the Premier added.