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China's crude steel output will increase 3 percent year-on-year to 832 million tons in 2017, and by a further 0.7 percent to 838 million tons next year.

China's exporters that have long been a thriving component of the national economy and strong supporters of global supply chains are finding fresh momentum as the country allows more cities to apply experimental Customs supervision modes for business-to-business e-commerce exports.

China's leadership has explained the "new development paradigm "as a model that shifts economic growth drivers from factors of production to innovation, and from investment alone to both consumption and investment.

China's decision to lower tariffs on a broad range of imported goods, including frozen pork and high-tech products, will satisfy domestic consumption and reduce production costs next year, experts said.

China's overall debt-to-GDP ratio -- the macro leverage level -- had dropped to 249.4 percent by the end of 2018, 1.5 percentage points lower than a year earlier, as the authority has tightened financial regulations and cracked down on shadow banking, said governor of the central bank Yi Gang at a news conference during the 13th National People's Congress.