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-- These four years have seen expanded financial connectivity. Financing bottleneck is a key challenge to realizing connectivity. China has engaged in multiple forms of financial cooperation with countries and organizations involved in the Belt and Road Initiative. The Asian Infrastructure Investment Bank has provided US.7 billion of loans for 9 projects in Belt and Road participating countries. The Silk Road Fund has made US billion of investment, and the 16+1 financial holding company between China and Central and Eastern European countries has been inaugurated. With distinctive focus, these new financial mechanisms and traditional multilateral financial institutions such as the World Bank complement each other. A multi-tiered Belt and Road financial cooperation network has taken an initial shape.

China should firmly reject development models that damage or destroy the environment and bid farewell to practices that boost short-term economic growth at the cost of the environment, he said.

By the end of June, all facilities to produce inferior-quality steel bars will be dismantled across the country. All coal mines scheduled to close this year will stop production by the end of August and will be phased out by the end of November. Close attention will be paid to prevent overcapacity of coal-fired power generation and make room for clean and better energy mix to develop.

CHAMPIONING FREE TRADE

"The reason why Xiaomi can develop so fast is that it localizes operations, production and consumption," said Wang Yiwei, professor of Renmin University of China.