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China supported Africa countries' liberation struggles even when its own economy faced serious challenges. The Great Leap Forward, which was aimed at rapidly transforming China from an agrarian to industrialized economy, failed to take off. Then Chinese leader Chairman Mao Zedong was trying to adapt a Soviet economic model which did not work as expected, probably because it was not the right time for China due to the lack of sufficient capital to invest heavily in both industry and agriculture at the same time. He later concentrated more on efficient ways of organizing labor and increasing agricultural production.

China needs to pay high attention to fend off financial risks while promoting urbanization, according to a senior official with the United Nations.

China will accelerate the issuance of local-government special bonds, the Ministry of Finance announces in a circular on July 29. [Photo/Sipa]

China set a CPI growth control target of 3 percent for this year in March. In 2017, real CPI growth was 1.6 percent.

China made better use of renewable energy with less waste last year. The Utilization rate of hydraulic power reached about 96 percent while curtailment rates of wind power and photovoltaic power dropped by 5.2 percentage points and 4.3 percentage points, respectively.