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China's urban and rural residents pension insurance system, covering more than 500 million people, will meet five major changes, four years after it was established in 2014, according to a report by chinanews.com.

China's total debt level declined in 2018, but its debt-to-GDP ratio－which stood at slightly above 250 percent as of the third quarter of 2018－is still "on the high side" among major economies, Schuknecht said.

China's steel industry has achieved the upper goals two years ahead of schedule for cutting overcapacity set by the 13th Five-Year Plan (2016-20), reducing 150 million metric tons of crude steel capacity, and has removed 140 million tons of substandard steel capacity, according to Wang.

China's petroleum output in 2018 remained stable at 189 million tonnes, down 1.2 percent from a year ago.

China, in the meantime, exported 2.18 trillion yuan of products to the US, growing 1.8 percent year-on-year, while it imported 640.86 billion yuan of goods from the US, increasing 2.8 percent on a yearly basis.