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China supports the peaceful settlement of disputes over territory and maritime rights and interests by all parties concerned in accordance with such treaties as the UN Charter and the UNCLOS and general international law, and supports efforts to safeguard security and stability in the region, it said.

China will continue its steady growth and play a vital role in the global market. Its efforts in fighting climate change will make it a great place to live and work. I am optimistic about the objectives set by President Xi. As he said, China will further open up its service sector, and protect the legitimate rights and interest of foreign investors.

China still has a low per capita GDP, grapples with a lingering urban-rural gap, and is weak in industrial competitiveness and technological innovation, Wang Yuanhong, an economist at the State Information Center, wrote in a recent article.

China plans to cut 30 million tonnes of ineffective steel capacity and 150 million tonnes of coal capacity in 2018, according to a government work report released earlier this year.

China unveiled a plan for its biggest Cabinet reshuffling in years on Tuesday as part of an effort to improve the government's structure, efficiency and service orientation.