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China's economy still faces the risk of high leverage while the leverage ratio of some SOEs remains high, Yi Gang, the governor of the People's Bank of China (PBOC), said at the China Development Forum 2018 in late March. The country should complete the corporate governance structure of financial enterprises and strengthen the liability constraint of SOEs, he added.

China's fossil fuel consumption is likely to peak in 2020, and will decline steadily afterward, the report said. It predicted the use of coal in electricity generation and industrial sectors will continue to decrease, while rapidly increasing electricity applications in transportation and industrial sectors will also reduce the country's reliance on oil and natural gas, the report said.

China's online retail sales surged 34 percent year-on-year to 5.54 trillion yuan in the first 10 months of this year, surpassing the 10.3 percent increase in overall sales of consumer goods, official data showed on Tuesday.

China's development provides an enormous opportunity for Europe. Bilateral trade managed to reach a new high in 2016, overcoming global downturn. Trade value reached 3.6 trillion yuan (5 billion) in 2016, an increase of 3 percent.

China's first Cybersecurity Law, which takes effect in June, will play an important role in clarifying the responsibilities of governments, enterprises and individuals in cyberspace and measures on how to deal with cyber emergencies, the report said.