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China and the region's countries are committed to building an open world economy to promote economic globalization and have launched new areas of cooperation, such as a joint battle against drugs, corruption and cybercrime, Wang said.

China and the Philippines are working to establish an industrial park at the former Clark airfield, once one of the biggest US Air Force bases outside of the United States.

China accords top priority to education. Since 2016, the government has invested over 3 trillion yuan (8 billion), or around 4 percent of national GDP, annually on education.

China accounts for nearly half of the world's annual steel production but its development has been hampered by cutthroat competition and structural imbalances due to low industry concentration. The goal for policymakers in the last few years has been to rid the industry of its excess overcapacity and structural optimization, Wang said.

China Petroleum and Chemical Corp, or Sinopec, which has the largest number of gas stations in the country, has been focusing on the construction of hydrogen refueling stations for vehicles in recent years, taking advantage of its extensive network of gas stations nationwide and its chemical by-products. The world's largest refiner has also conducted research on hydrogen fuel cells.