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China launched the crude oil futures trading on March 26 last year. It was the first futures variety on the Chinese mainland open to overseas investors.
China kicked off the commercialization of 5G in late October. GSMA, a global association of mobile operators, predicted the number of 5G users in China will reach 400 million by 2025, accounting for about one-third of the world's total.
China started its reform and opening-up four decades ago. Since then, the Chinese people have worked hard with unity and perseverance and written a great success story in the development of the Chinese nation. China has grown into the world's second largest economy, the largest industrial manufacturer, the largest trader of goods, and the holder of the largest foreign exchange reserves. China now contributes over 30 percent of global growth, and has lifted more than 700 million people out of poverty by the UN standard. Now, China is deepening reform across the board and opening itself wider, and our effort in reform and opening-up will never stop.
China will continue to forge global partnerships, expand common interests with other countries and further liberalize and facilitate trade and investment, the president said.
China needs to push forward deleveraging with steady progress. The country should let the inefficient, especially the "zombie enterprises", go bankrupt and reshuffle, and let the market play its role, Zhang said.