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China will accelerate the opening-up of the insurance industry, ease restrictions on the establishment of foreign financial institutions in China and expand their business scope, Xi said.

China suggests accelerating the start of feasibility studies for an SCO free trade zone for closer economic cooperation, he said, adding that China is willing to increase its imports of agriculture products of good quality from SCO member states.

China will continue to advance high-quality development of the manufacturing industry, expand the domestic market and support the growth in areas including the Internet of vehicles, NEVs, cruise ship building and winter sports facilities manufacturing, according to Miao.

China pioneers the world in the scale and diversity of its 5G services, with individual consumers and enterprises showing mounting enthusiasm for the new technology, according to the China Academy of Information and Communications Technology, a government think tank.

China is working hard to boost the production of masks, which are urgently needed to contain the novel coronavirus pneumonia outbreak, and the output has been growing rapidly, according to the country's top economic regulator.