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China has made remarkable progress in the 40 years since it adopted reform and opening-up, and has been the largest single contributor to the global economy since the 2008 global financial crisis, Singaporean Vice-Prime Minister Teo Chee Hean said before Li's speech.

China consumed around 556 million tons of crude oil last year — 65 percent of which was imported, he added.

China approved the preparation application by a joint venture with American Express for setting up a bank card clearing and settlement institution last November, a step forward in the country's financial opening-up.

China confirmed the invitation to Japanese Prime Minister Shinzo Abe for a visit at a time convenient for both sides, Foreign Ministry spokesman Lu Kang said on Thursday.

China expects sufficient soybean supply from a favorable international market in the first half of this year. [Photo/VCG]