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Developing a modernized economy has become a catchphrase for China after Xi spoke of the goal at the 19th CPC National Congress in October last year.

Many others agree. Donald Straszheim, senior managing director and head of Evercore ISI's China Research Team, said both governments should be aware that a trade war is a lose-lose option.

Zhang acknowledged the performance of the deputies to the 12th NPC, members and staff of its standing committee over the past five years, and highlighted new progress made in theoretical and practical innovations to the system of people's congresses, and in building socialist democracy and rule of law.

"All institutions concerned should get ready for the launch of the crude oil futures, strengthen risk prevention, and ensure stable operation of the market," said Shanghai International Energy Exchange in the statement.

Government expenditures gained 76.8 percent on forest protection, 58 percent on poverty relief, 47.5 percent on applied research, 38.3 percent on agriculture, and 13.7 percent on basic pension fund. The central authority will also strengthen fiscal support for less-developed areas to improve people's livelihood, Wang said.