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China would rather rely on market-oriented forces to determine the renminbi's value than defend its currency by dipping into its trillion foreign exchange reserves amid trade disagreements, analysts said.

China's central bank is still in the process of developing its own digital currency, and competition among government-backed digitalized currencies can be expected in the "digital era", said a central bank official on Tuesday.

China will firmly stay committed to reform and opening-up, increase common interests with various countries and promote coordination among major countries, Xi said.

China will further open up and strengthen international cooperation in technology to promote a favorable environment for global talent, Wang Zhigang, minister of science and technology, said on Sunday.

China's annual fiscal income rose to 18.34 trillion yuan last year, up by 6.2 percent from 2017. The total fiscal spending exceeded 22 trillion yuan, a year-on-year growth of 8.7 percent, the Ministry of Finance said on Wednesday.