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China is moving toward an economy boosted by consumer spending, innovation and services, reducing reliance on investment and exports of low value-added goods, boosted by strengthened efforts in innovation and research.

China has vowed to further cut its industrial overcapacity to accelerate restructuring of the nation's huge SOE sector.

China is ready to work with other SCO members to draw blueprints for defense and security cooperation, innovate ways to cooperate and improve the security cooperation framework, Xi said.

China has reiterated its stance of further reform and opening-up, which creates new chances for foreign companies, including those from Germany, and is exemplified by tariff cuts for automobiles, Chen said.

China is expected to meet its 2020 goal of having 300,000 new energy service vehicles on the road by the end of this year, according to Cai. So, the ministry is looking to raise the target to 600,000 vehicles, he said.