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China plans to build 1,000 new towns by the end of 2020, but the central government has received twice the number of proposals from local governments than expected, according to Qiu Baoxing, former vice minister of Housing and Urban-Rural Development.

China removed restrictions on new energy vehicles earlier this year, allowing foreign brands to set up wholly owned companies in the country, and US electric carmaker Tesla has signed a deal to build a manufacturing facility in Shanghai.

China plans to maintain a prudent and neutral monetary policy in 2018 as it strives to balance growth and risk prevention.

China supports and encourages research activities in the Arctic by constantly increasing investment in scientific research, and makes a greater effort to advance research in the fields of natural and social sciences.

China released a master plan in early June on building the southern island province into a globally influential free trade port.