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China's latest cut in social insurance payments will offer enterprises a strong buffer against losses caused by the novel coronavirus outbreak, officials and experts said on Thursday.

China's first national maritime museum was built in Binhai New Area, and is expected to open to the public in June. [Photo/People's Daily Online]

China's crude steel output was expected to increase by 3 percent year-on-year to 832 million tons in 2017, and by a further 0.7 percent to 838 million tons this year, according to a report from the China Metallurgical Industry Planning and Research Institute.

China's economy has been transitioning from a phase of rapid growth to a stage of high-quality development. This is a pivotal stage for transforming our growth model, improving our economic structure, and fostering new drivers of growth. It is imperative that we develop a modernized economy. This is both an urgent requirement for getting us smoothly through this critical transition and a strategic goal for China's development. We must put quality first and give priority to performance. We should pursue supply-side structural reform as our main task, and work hard for better quality, higher efficiency, and more robust drivers of economic growth through reform. We need to raise total factor productivity and accelerate the building of an industrial system that promotes coordinated development of the real economy with technological innovation, modern finance, and human resources. We should endeavor to develop an economy with more effective market mechanisms, dynamic micro-entities, and sound macro-regulation. This will steadily strengthen the innovation capacity and competitiveness of China's economy.

China's experience in recovery