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China is willing to establish a comprehensive cooperative partnership with Madagascar, Xi said.

China successfully met its target of reducing 45 million tons of steel production capacity and 250 million tons of coal production capacity last year, leading to a price increase of steel and coal products. Meanwhile, the country has managed to reduce commercial housing stock by 23.14 million square meters and lower the overall corporate asset-liability ratio by 0.4 percent. However, the country's overall enterprise leveraging level, or debt-supported social financing to GDP ratio, rose by eight percent, according to the institute's calculations.

China released a draft regulation last week to solicit opinions on monitoring electric car batteries throughout their lifetime, with compulsory registration and reuse, to aid the segment's development and ease consumer concerns.

China remained committed to the principle of treating countries, big or small, equal in relationship, Guo said, and the country will push forward a new type of ties and will discuss and collaborate with other nations in building a community of shared destiny for mankind.

China made the decision to not set a target for economic growth for 2020 after full consideration of the uncertainties about the COVID-19's impact, according to the country's top economic regulator.