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China cut 65 million tons of excessive steel-making capacity and 290 million tons of coal mining capacity in 2016. It has vowed to continue the reform process over the next two years.

China has launched 18 commodity options over the past three years, and the country has become the world's largest market for commodity derivatives.

China has leapfrogged ahead to become the global center of financial technology innovation and adoption, outpacing the likes of New York, London and Singapore by a wide margin, according to a joint report by consultancy Ernst& Young and DBS Bank in 2016.

China has been dealing with these differences by seeking common ground while shelving divergences. The US, however, has been contradicting itself and constantly challenging China, which caused serious damage to bilateral trade ties and poses a grave threat to the multilateral trading system, the paper said.

China appreciates Venezuela’s understanding and support on issues related to China’s core interests and major concerns and will continue to support Venezuela’s efforts to seek national stability and development, he said.