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China plans to host a Belt and Road forum for international cooperation in Beijing this May to brainstorm on interconnected development as part of China's efforts to make globalization more inclusive and beneficial to all, the president announced.

China relied on New Zealand for its cheese imports before it cut the tariff on US cheese, but China's cheese demand has increased more than seven-fold over the last 10 years to 100,000 metric tons, according to Milk Magazine, and the country is looking to other markets. With the tariff now at 8 percent, US producers can be much more competitive in the Chinese dairy market.

China issued four 5G licenses on June 6, which officially kicked off the 5G era. Major telecom carriers and device makers are all making their biggest push to apply and commercialize the technology.

China regularly registers a deficit in service trade due to huge domestic demand.

China will continue to deepen the supply-side structural reform and transform government functions, Li said.