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During the period, China's combined direct investment in these countries has grown by 7.2 percent annually on average. Eighty two overseas economic and trade cooperation zones have also been established in these countries, with an accumulated investment of 28.9 billion U.S. dollars.

"We are confident that CIIE is one of the first steps for making sure that there are good conditions for German companies to do business in China," said Thomas Koenig, Director East Asia of DIHK.

Gao said the United States provoked trade frictions with China, which, to varying degrees, negatively impacted Chinese private companies and foreign businesses operating in China. The affected companies and industries are restructuring and upgrading to cope with the challenges.

Between 1978 and 2014, over 700 million people in China, with a population of 1.3 billion, were lifted out of poverty, known as "Poverty reduction with Chinese characteristics." From 2012 to 2017, China lifted nearly 70 million rural people out of poverty, and the poverty rate fell from 10.2 percent to 3.1 percent.

The number accounts for 19 percent of the total taxable items. After the adjustment, China's overall tariff rate will stay at 7.5 percent, down from 9.8 percent last year.