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China's housing inventory was down significantly, and the debt-to-asset ratio for industrial businesses also dropped. Corporate operation costs declined as governments moved to reduce business burden, and investment surged in weak areas including environmental protection and agriculture.

China's e-commerce market has given birth to billionaires. Now, with the annual Singles Day global shopping festival just around the corner on Monday, more foreigners are joining the online gold rush. They want to sell products not only in China but in their own countries.

China's imports of agricultural goods declined by 4.5 percent to 1.6 billion in 2016, according to official statistics, and its annual trade deficit declined by 16.5 percent to .6 billion. That year, the country was 84.2 percent self-sufficient with grain, 6 percentage points higher than in 2015.

China's energy mix is entering a new era. Energy policy emphasis is now on green electricity, natural gas and cleaner, high-efficiency digital technologies.

China's economic growth is expected to accelerate in the second half of this year, on the back of the country's successful efforts to offset the impact of COVID-19 on its economy, he said.