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China's stable economic growth mainly stems from major progress in economic reforms, particularly supply-side structural measures, and the government's ability to maintain a stable macroeconomic policy, he said.

China, Mazlina said, has now emerged as the world's largest semiconductor importer, with its spending on the segment growing by more than double over the past decade.

China's pledge to further promote opening-up comes at a time when it has seen another round of increased foreign direct investment in the last quarter of the year, as it shifts its focus to attract such investment in high-end manufacturing, services and green industries to transform its economy.

China's water resource per capita is only one-third of the world's average, according to the Zhongshang Industrial Research Institute's website chnci.com. Regional disparity has made it worse. Southwestern and southern parts of the country have rich water resources while one-fourth of provincial regions are facing severe lack of water, the institute said. In the meantime, urbanization has increased the amount of waste water by 4.2 percent annually, from 48.5 billion metric tons in 2013 to 57.1 billion tons in 2017, it said.

China's top policymakers have stated that the country will focus on high-quality growth rather than the absolute growth rate number at the annual, tone-setting Central Economic Work Conference held in December.