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China must coordinate domestic and international factors and pursue development while ensuring security to resolve all kinds of risks in the upcoming 14th Five-Year Plan (2021-25) period, Ning said.

China proposed the Belt and Road Initiative in 2013 to develop trade and cultural links between Asia, Africa and Europe.

China will continue to lead growth in the global luxury goods market, with the boom in the online luxury retail industry especially in lower-tier cities due to growing demand from tech-savvy consumers who tend to pursue exquisite and high-end lifestyles, industry analysts and insiders said.

China must reform its existing tax system, which gives local authorities a greater share of the tax income, as the aggressive tax cut program and economy-boosting spending has increased fiscal deficits, said analysts.

China makes headway in application and commercialization of 3D printing, paving way for high-quality manufacturing, end-user engagement