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"With the United States refusing to enter compensation negotiations in accordance with WTO rules, China has to initiate the dispute settlement procedure to protect its rights and interests," the ministry said in a statement.

In an annual report filed with the Shanghai Stock Exchange Monday, Xinjiang Bayi Iron and Steel Co. said its net profit surged more than 30 times last year to 1.17 billion yuan (about 185 million U.S. dollars). Its operating revenue rose 69.44 percent to 16.76 billion yuan.

This is China's first tax clearly designed for environmental protection, which will help establish a "green" financial and taxation system and promote pollution control and treatment of pollutants.

Du Qinglin, vice chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), introduced the achievements made by the advisory body in 2017 at the event.

Xi singled out several fields that need to be worked on, including the development of the real economy, which he said provided a "solid foundation" for the modernized economy.