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China is in the middle of capacity cuts in the bloated coal and steel sectors. Last year's annual targets to slash steel capacity by around 50 million tons and coal by at least 150 million tons were fulfilled in August and October, respectively.

China has surprised the world with its impressive development of the internet sector and rapid emergence as a leader of the global digital economy, said foreign experts and business leaders, who emphasized the importance of international cooperation in the internet sector.

China is currently at the low-end of the global industrial chain and has not benefited much from processing industries. But the products that are processed in China and exported overseas are counted as China's exports.

China is confident of achieving its annual industrial growth target of 5.5 to 6 percent year-on-year in 2019, as the nation works hard to boost the high-quality development of manufacturing, despite trade friction with the United States, the nation's top industry regulator said on Tuesday.

China has seen rapid development in services trade in recent years. In 2019, China's total trade in services surpassed 5.4 trillion yuan, according to the Ministry of Commerce.