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China has witnessed two waves of investment in the past 20 years. One targeted foreign trade and the other property. This also resulted in debt expansion and fast growth of money supply.

China has spared no efforts to carry out supply-side reform and fight against financial market irregularities by better regulating high-risk institutions to make overall risk manageable, officials of the China Banking and Insurance Regulatory Commission said on Thursday.

China is ready to work with relevant countries and institutions to safeguard the international systems with the UN at the core and the WTO-centered multilateral trading system to safeguard multilateralism and free trade, promote the liberalization and facilitation of trade and investment, expand common interests and jointly address challenges, Li said.

China is also an important pillar of BMW's e-mobility plan. The carmaker said its electric iX3 SUV will go into production this year as scheduled at its plant in Shenyang, Liaoning province.

China is aiming to lift all rural residents, living below the current poverty line, out of poverty by 2020. This year, China will further reduce the poor rural population by over 10 million, according to a government work report.