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China's spending on science and research reached nearly 2 trillion yuan (0 billion) last year, accounting for 2.18 percent of its GDP, up 11.6 percent from 2017, according to the National Bureau of Statistics.

China's surplus comes mainly from labor-intensive products, and the country saw deficits for products including aircraft, integrated circuits, automobiles and agricultural products, showing both countries have capitalized on their respective industrial advantages, according to the report.

China's passenger car sales climbed 4.9 percent year-on-year in June to 1.8 million units, ending a falling streak for 12 consecutive months, showed data from the China Passenger Car Association (CPCA).

China's top legislature will hold its fourth annual session in Beijing on March 5, according to a decision announced by the National People's Congress Standing Committee on Saturday.

China's strong demand for coal is a major driver behind the rising shipping rates, said Tang, adding that coal contributed 1 billion tons in domestic and foreign trade last year.