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The Belt and Road Initiative, proposed by China in 2013, is a trade and infrastructure network that includes the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

#What will President Xi do?

Bo Zhiyue, director of New Zealand Contemporary China Research Center of Victoria University of Wellington, New Zealand, said that the decision to reduce the troops not only manifests China's determination to defend peace, but also offers a concrete measure to maintain regional and world peace.

The government has put in place policies to contain fast expansion in credit growth, regulate borrowing by local governments and eliminate industrial overcapacity, which help lower investment in sectors such as real estate. At the same time, it has tried to put a floor on the slowdown, with limited but targeted support measures.

Reforms in SOEs have become a major task for China's policymakers during the battle against downward pressure.