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China consumes about 40 percent of the world's semiconductors, most of which are assembled into products that are then exported to the West, Bingham said, noting that this is a good thing because it forces innovation on both sides of the ocean.

China has made an ambitious goal to lift the country’s remaining 40 million impoverished people out of their situation by 2020, a step against poverty unprecedented in human history.

China has launched the highest level of emergency response for a major animal epidemic, established a monitoring network and introduced a string of supportive policies to help pig farmers since the outbreak of the disease late last year. A comprehensive prevention and control mechanism is now in place.

China has leapfrogged to become the world's largest steel producer. In 2017, China produced 832 million tons of steel, followed by 169 million tons in the European Union, 105 million tons in Japan, 101 million tons in India and 82 million tons in the US, according to the World Steel Association. Back in 1980, when the US produced 101 million tons of crude steel, China's output was 37 million tons.

China boasts a complete industrial system, a large domestic market, robust consumption potential, abundant human resources, competitive infrastructure and ample policy leeway, which will continue to buoy industrial development this year, Miao Wei, minister of industry and information technology, told a press conference.