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Ao Li, head of technology and standard institute at the China Academy of Information and Communications Technology, said: "Influenced by the epidemic, the country's telecommunications industry has seen slowed growth pace to some extent but it is obvious that the industry has withstood the test."

Apart from enlarging market channels related to the BRI, the imports and exports of private companies soared 11.2 percent year-on-year to 8.49 trillion yuan between January and August, accounting for 42.2 percent of the total value of China's foreign trade, about 7.6 percentage points higher than the overall growth rate of China's foreign trade in the same period, according to the GAC data.

Apart from a driver, a safety supervisor was also on each bus, whose duty was to make sure all passengers are healthy as their health code shows before boarding.

Another challenge is to find the right balance between government intervention and letting markets play a decisive role. Substantial progress has been made over the past two years; for instance, with reducing excess industrial capacity and the housing overhang, and government intervention played a critical role here. However, it is also broadly accepted that well-regulated and competitive markets are critical for increasing economic efficiency and productivity. This is exactly what China needs to achieve a high-income economy in the coming years.

Apart from facilitating supply-side structural reforms, Liu pledged this year's plan would "notably reduce" the tax burden on manufacturers.