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China is a socialist state under the people's democratic dictatorship led by the working class and based on the alliance of workers and peasants, said Xi, noting that all power in the country belongs to the people.

China has set 2020 as the target year to finish building a moderately prosperous society and completely eradicate poverty. To realize the goal, risk prevention, poverty alleviation and pollution control have all been high on the government's agenda.

China is confident that foreign direct investment will continue to remain stable in the second half of this year, in spite of the severe FDI stress from global aspects, a senior government official said on Friday.

China is set to build a globally competitive automotive industry within 10 years, with new energy vehicles and smart, internet-connected cars taking the lead worldwide, according to an industry guideline released on Tuesday.

China is the largest market for the German carmaker that has brands like Volkswagen, Audi and Porsche, accounting for around 40 percent of its global sales.