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China was home to 650 million kilowatts of renewable energy installations at the end of 2017, equal to 36.6 percent of the country's total installed electricity capacity, increasing 14 percent year-on-year, according to the report.

China is updating its trade relations with the world by increasingly exporting more high-tech products.

China so far has had three rounds of pilot central SOEs mixed-ownership reform, with some firms, such as the country’s telecom giant China Unicom, having introduced non-State investors. The results of the reform have been broadly positive, Xiao said.

China was the first nation to experience the novel coronavirus crisis and the first to recover. The country's retail sales, a key indicator of consumption, rose by 5 percent in November on a yearly basis, up from 4.3 percent in October, while industrial output increased by 7 percent year-on-year last month, according to the National Bureau of Statistics.

China saw its energy consumption structure further optimized last year with an increase of clean energy, including natural gas, hydropower, nuclear power and wind power, according to an industry report released by the institute at the end of April.