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China will also upgrade the entrepreneurship and innovation program to further promote employment, scientific and technological innovation, and industrial development vitality, according to the State Council.

China welcomes more exports of India's high-quality products to China, the president said, calling on the two countries to expand two-way trade and investment and create new growth points for cooperation in productivity, medicine, information technology, infrastructure and other fields.

China sees guarding against systemic financial risks as the eternal theme of financial work, announcing it will set up a committee under the State Council to oversee financial stability and development during the National Financial Work Conference that wrapped up on Saturday.

China recorded .1 trillion in imports and exports in 2017. The imports alone are expected to reach trillion in five years, according to the Chinese Ministry of Commerce.

China plans to cut ineffective steel capacity by 30 million tonnes and coal capacity by 150 million tonnes in 2018, according to a government work report released earlier this year.