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China taking bold steps to replace fossil fuels with clean resources, especially wind and solar power

China launched a national campaign against organized crime and officials who shelter criminal organizations at the beginning of 2018. Three rounds of related inspections have been conducted so far.

China managed to post a 20 percent annual growth in revenue in the sector during the same period. The target set for the next five years in China is 15 percent annual growth, but Mohan said the country is likely to outperform those expectations, as it has done in the past few years.

China plans to cut ineffective iron and steel capacity by 30 million tons in 2018, according to a government work report released earlier this year.

China launched trading of yuan-denominated crude oil futures contracts at the Shanghai International Energy Exchange on Monday, the first futures listed on China's mainland for overseas investors.