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China spent 801 billion yuan on railway projects and put 3,038 km of new tracks into operation in 2017, exceeding its annual targets of 800 billion yuan of investment and 2,100 km of new lines, according to the China Railway Corporation.

China paid about .6 billion to overseas IP holders in 2017 after experiencing an average annual increase of 17 percent in such expenses since 2001, Li said. The improved legal system for IP protection and firm enforcement also have stimulated enthusiasm for innovation among enterprises and the public, he said.

China launched a battle against production overcapacity in key industries such as steel and coal. It has accomplished its plans to slash steel production capacity by around 50 million metric tons and coal by at least 150 million tons last year.

China sees the Security Council as the core organization for the maintenance of peace and stability in the world, Liu said, describing the council as a highly important platform for global governance relating to security issues.

China unveiled a three-year action plan for improving the rural living environment.