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WASHINGTON, Jan. 30 (Xinhua) -- China and the United States kicked off here on Wednesday morning a new round of high-level talks to address their differences on outstanding economic and trade issues.

"China's vision for the economy is to make it open, large and competitive. It will be a huge opportunity for all companies," Fang said, adding that declines in overheated sectors, such as real estate and infrastructure, could provide useful correctives for the market.

Xi called for continuous efforts to advance full and strict governance over the Party as this year marks the 70th anniversary of the founding of the PRC and is key in finishing building a moderately prosperous society in all respects to achieve the first centenary goal. He laid out six tasks:

This year's Davos forum gathers global elites to discuss "Globalization 4.0," a buzzword that means a new wave of globalization in a digital world. More than 60 heads of state or government, 40 international organization heads and 1,700 business leaders attended the event.

Chairing a plenary meeting of the State Council, which discussed a draft version of the government work report and analyzed economic work in the first quarter of 2019, Li said the country faces a more complicated development environment this year, with growing challenges and downward pressure on the economy creating arduous tasks for the government.