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China's retail banking business has been growing 23 percent annually since 2009, as calculated by McKinsey. The country's retail banking market will grow to the world's second largest by 2020, only next to the United States, with a total market value surging to 3.2 trillion yuan.

China's private consumption may grow at a faster pace of 6.3 percent this year, compared with 6 percent in 2019. Stronger consumption will help stabilize the labor market, release pent-up demand and support a solid expansion of the service business, the economist said.

China's regional development has entered into the era of metropolitan areas, and this assessment has been reinforced by this year's Government Work Report. The coordinated development of the Beijing-Tianjin-Hebei region, the integration of the Yangtze River Delta area and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area are becoming key poles of economic growth.

China's top legislator Li Zhanshu (2nd R), together with Kim Jong Un (1st R) and other senior officials of the Democratic People's Republic of Korea, attends the celebrations held at Kim Il Sung Square in central Pyongyang, the DPRK, on Sept 9, 2018. [Photo/Xinhua]

China's report came after the US State Department on Wednesday released the annual Country Reports on Human Rights Practices for 2018, in which it highlighted China's alleged human rights issues.