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China must strengthen the leadership of the Communist Party of China over financial work, stick to the basic tone of seeking progress while maintaining stability and respect the rules of financial development, President Xi Jinping said at a two-day National Financial Work Conference that ended on Saturday.

China plans to cut ineffective iron and steel capacity by 30 million tons in 2018, according to a government work report released earlier this year.

China strives to upgrade its labor-intensive manufacturing sector through technological innovation as it faces a shrinking working-age population and increasing labor costs.

China played a critical role in the slower growth of global energy demand and consumption as well as the nearly flat growth of carbon emissions in 2016, according to the latest BP world energy report.

China saw a goods trade surplus of 6.1 billion in the first three quarters.