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China's tax revenues can be divided into three categories: central tax, local tax and tax shared between the central and local governments. VAT accounts for the majority of shared tax revenues.

China's pilot free trade zones saw FDI inflow reach 121.3 billion yuan, accounting for 14.3 percent of the total FDI.

China's strategic goal is to develop itself rather than to challenge anyone else, Cui said, in an apparent response to recent rhetoric by the Trump administration that claims China is a kind of "revisionist country" trying to challenge international rules.

China's supervisory commission pilot program had been launched in Zhejiang province, as well as in Beijing and Shanxi province, just over a year earlier.

China's vast market provides an ideal base for the application of intelligent technologies such as artificial intelligence and big data. Taking advantage of this landscape, some private businesses have made continuous breakthroughs in the domestic market, and are now exporting their technologies to the rest of the world.