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China has already kicked off the commercialization of super-fast 5G technology. By the end of this year, more than 130,000 5G base stations in total will enter into service to support the network, Miao Wei, minister of industry and information technology, said at the recent World 5G Convention in Beijing.

China has decided to make unprecedented cuts to taxes and corporate pension payments and increase investment in such fields as agriculture, infrastructure, technological innovation and social causes, officials said. That will predictably lead to heavy fiscal pressure as a result of reduced fiscal income and increasing expenditures.

China has been transitioning from a phase of rapid growth to a stage of high-quality development, according to the report.

China has been closing down its steel mills, partly to cut overcapacity but more importantly to fight air pollution. Steel mills are largely responsible for severe air pollution in Hebei province, next to Beijing.

China has not set a GDP target, which could be good news for the world, said a signed article by Jin Keyu, a professor of economics at the London School of Economics and Political Science, which was posted on the Guardian website on June 1.