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China will upgrade the free trade agreement negotiations under the Belt and Road Initiative, and sign more agreements for currency swaps, investment promotion and protection, and expand yuan settlement, Zhang said.

China's 4G network users in 2017 almost totaled a billion, accounting for 70 percent of mobile phone users in the country, above the average of developed countries, according to MIIT data.

China will focus on leveraging its institutional advantage and creating a more consistent and institutionalized rule of law to upgrade its growth model and build a high-standard and open economic system. It's a focus that became more clear after a recently concluded key Party meeting laid out the goal of modernizing the country's socialist market economy and its economic governance capacity, experts said.

China will stay committed to advancing reform. Reform is the fundamental driver of China's development. China will only speed up its market-oriented reforms. We will not slow down the pace of reform, let alone turn back. The Chinese government will continue to streamline administrative approval procedures, provide more efficient services, and slash the time required to start a business, get a permit or go through customs clearance. We will introduce tax cuts on a bigger scale and meaningfully lower fees, including the social security contribution rate. The reform to transform state-owned enterprises (SOEs) into standard companies and joint-stock companies has been basically completed. China's SOEs, many of which are publicly listed, run their operations in an open and transparent manner. It is entirely up to them to make their own business decisions, and they are responsible for any profits or losses. They do not enjoy any special subsidies.

China will roll out more measures this year to lower overall business costs, according to officials with the nation's top economic regulator.