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China, which is still the largest smartphone market in the world and often perceived as an emerging market, now is actually similar to other mature markets in Europe and North America, experts said.

China's trade surplus continued to narrow last year, shrinking by 14.2 percent to 2.87 trillion yuan, compared with a 9.1 percent reduction in 2016, when the trade surplus was 3.35 trillion yuan.

China's railway network hit 127,000 km in length at the end of 2017, including 25,000 km of high-speed railway. Last year, 3,038 km of new rail tracks were put into production, which Li said would further reduce pressure on transportation.

China's steel mills have reported good profits since this year as speculators have splurged on higher prices after the government pledged to increase spending on infrastructure construction.

China's real estate industry is accelerating its recovery at a high speed. From January to May, the transaction area of residential land in 100 cities across the country was 213.65 million square meters, a year-on-year decrease of 6.2 percent and narrowing from 8.7 percent in the first four months, according to data from Shanghai Yiju Real Estate Research Institute.