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The private sector in China, which is mainly composed of SMEs accounting for 90 percent of all businesses, now contributes more than 50 percent of tax revenues, over 60 percent of GDP, more than 70 percent of technological innovations and over 80 percent of urban employment. The private businesses have become a key driving force for economic growth and social progress.

From participating in overseas escort missions to international peacekeeping missions, from joining in poverty alleviation efforts in other developing countries to dealing with global climate change, China has always adhered to the principles of the UN Charter and remains committed to safeguarding the present-day international political order with the United Nations at the core.

Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, made the statement when presiding over and addressing the second meeting of the Commission for Overall Law-based Governance of the CPC Central Committee. Xi is the head of the commission.

Speaking of the challenges, the Chinese envoy said that the practical difficulties in implementing the agreement cannot be underestimated.

Looking ahead, China has bright prospects in promoting the service industry, self-driven innovation, and green development, said Stephen Roach, a senior fellow at Yale University.