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China stepped up efforts last year in preventing abnormal financial volatility and properly handling local government debt risks.

China will also develop a number of globally competitive businesses in the distribution sector and promote their capabilities in transformation and integration with digital and smart technologies.

China produced almost 500,000 scientific papers in 2016. According to analytics company Elsevier, the country came in just behind the US, which produced 600,000 such papers. It is worth noting that the gap between the two has been halved in just five years.

China will continue to integrate its national security with regional security; work with SCO members to build a new type of international relations with features of mutual respect, justice and win-win cooperation; and push to build a community of shared future for mankind, Xi said.

China on Tuesday unveiled plans for a massive Cabinet restructuring to make the government more efficient and service-oriented.