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China is an innovation-based economy. Such an economy develops new products or methods of production that drive economic progress and enable states to deal with challenges such as climate change and global health crises. The ability of a country to innovate rests on its education system. A well-educated workforce contributes to technological and scientific discoveries.

China is expanding a pilot reform of supervisory systems in Beijing, Shanxi and Zhejiang nationwide, with supervisory commissions being established at national, provincial, city and county levels.

China is not expected to encounter any economic hard-landing, economists said at a forum organized by the top think tank on Monday.

China has signed deals related to the Belt and Road Initiative with more than 80 countries and organizations.

China hopes the two sides will implement their consensus as shown in the declaration, and contribute to a political settlement of the Korean Peninsula issue and lasting peace of the region, Geng added.