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China has 165 million skilled workers, including 47.9 million who are classed as highly skilled. Every year, more than 100 million people have access to technical and vocational education and training, he said.

China has leapfrogged to become the world's largest steel producer. In 2017, China produced 832 million tons of steel, followed by 169 million tons in the European Union, 105 million tons in Japan, 101 million tons in India and 82 million tons in the US, according to the World Steel Association. Back in 1980, when the US produced 101 million tons of crude steel, China's output was 37 million tons.

China currently has 19 State-owned asset investment companies. They include the China Merchants Group, China Minmetals Corp, China Communication Construction Group and China Poly Group Corp. There are also two State-owned asset operation firms, the China Chengtong Holdings Group and China Reform Holdings Corp.

China currently has a surplus of the raw material with high holdings at ports amid slow seasonal steel demand, according to the China Iron and Steel Association in an analysis on its website.

China has made remarkable achievements in its new energy vehicle initiative since 2009, Song said. Much of that has to do with its focus on electric vehicles.