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China started exploration in the Bohai Sea in 1966. It is the second-largest crude oil production base in China and unearthed reserves in the past 50 years have mainly been crude oil due to its complex geological structure, and few natural gas discoveries have been made so far, Han said.

China unveiled a list of products worth billion imported from the United States that will be subject to higher tariffs, including soy bean, automobiles and chemical products. [Photo/IC]

China will continue to boost its exchanges and cooperation with Venezuela in various fields under such principles, she said.

China remains the powerhouse and pivotal driver of the automotive market in the world, with the original equipment market experiencing a steady ascent. In 2016, the production and sale of automobiles in China grew rapidly and achieved record heights. The production and sales reached 28.12 million and 28.03 million units, respectively.

China will continue to forge global partnerships, expand common interests with other countries and further liberalize and facilitate trade and investment, the president said.