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China's first-tier cities, such as Beijing, Shanghai and Shenzhen, will lead a gradual recovery in the housing market this year, experts said at a forum held by People's Daily Online.

China's foreign trade also remained steady, with the total imports and exports up 14.8 percent to stand at .2 trillion in the first 11 months, hitting a new high. The services trade increased 15 percent from a year ago to 656.2 billion US dollars in the first ten months, the world's second largest.

China's economy is currently transitioning from a phase of rapid development to a new stage of high-quality development, with a focus on innovation-driven economic growth and upgrade of the economic structure. The government has initiated a series of policies on digital transformation to catch up with advanced economies and inject new impetus into the economy.

China's infrastructure stock per capita is about 20 percent to 30 percent of that of developed western countries, with weak areas in fields like transport, energy, environment protection, according to the National Development and Reform Commission (NDRC).

China's cultural industry had grown at an average pace of over 13 percent annually in the past five years. It is expected to become one of the major pillars supporting economic growth by 2020.