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China also announced last week that it would halve rates of additional tariffs on billion worth of US products. Both of those tariff modifications are set to take effect on Friday.

China aims to cap its coal-fired power capacity at 1,000 gigawatts in 2020, and non-fossil fuel will account for half of the country's total power generation by 2030.

China Galaxy Securities said that food prices in 2018 would hold steady while non-food prices, especially service prices, would go up.

China also has experienced strong trade growth with the European Union.

China Daily: During this year's two sessions, some delegates expressed the view that the Chinese government should pursue the reform of its own functions with the same determination as in pursuing GDP growth in the past. At the same time, we have also heard some complaints suggesting that the government-imposed transaction cost in China remains high, and it is still difficult for the people to get things done. So I would like to ask you, Mr Premier, what more steps will the new government take to streamline administration and delegate powers? And what will the government do to enhance compliance oversight? Are there any specific goals in this area?