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China's steel output is estimated to exceed 1 billion metric tons in 2020, increasing 3 percent to 5 percent year–on-year, while the industry's ultra-low carbon emission upgrading has registered better-than-expected achievements, according to China Iron and Steel Association on Monday.

China, a latecomer in the traditional chip industry, has made an early start in tapping the emerging market of intelligent chips, the report said.

China's transformation from a poor agrarian economy into one of the top economies in the world is nothing short of a miracle. The country, which started its journey from scratch, is leading through its moral strength and social governance.

China's rapid economic growth is the result of the combination of the world's economic landscape shift and the huge potential unleashed by China's reform and opening up. The Pearl River Delta, the Yangtze River Delta Megalopolis and Beijing-Tianjin-Hebei Megalopolis have become the driving force for China's economic development, as well as China's most international and typical megalopolises. The three megalopolises play a key role against the backdrop of the China-U.S. trade frictions and China's economic restructure.

China's services trade boasts even greater growth potential. The value of China's services trade stood at 3.4 billion last year, accounting for about 5 percent of the country's GDP.