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China has been striving to build a fair and inclusive social security network, with its basic pension insurance covering 915 million residents at the end of last year.

China has embraced automation enthusiastically. The country is installing more industrial robots than any other countries, accounting a third of the world's total in 2016. Artificial intelligence, unmanned cars, 3D printing and renewable energy are just some of the new industries China is trying to make major headway. The fact that one third of the 4,500 exhibitors at the 2018 Consumer Electronics Show in Las Vegas in January came from China reflects that ambition.

China has adopted a centralized and scientific approach in fighting the epidemic. It has taken measures that are effective and targeted. Comprehensive and concrete actions have made it possible to establish an effective system of disease control, prevention and treatment.

China has a complete legal system for intellectual property rights protection, he said. Since joining the World Trade Organization, the payments made by Chinese companies for using intellectual property rights increased by 14 times, Li said. Stricter measures will be taken to punish violators and provide fortified backing for innovations, he added.

China has made progress in rebalancing away from external-led growth and more service-denominated economy, while the core challenge remains an excessive reliance on debt, Zhang Longmei, International Monetary Fund's deputy resident representative in China, said at a forum hosted by International Monetary Institute of Renmin University of China.