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China surpassed Japan to become the world's second-largest bond market at the end of May.

China lifted 740 million people in rural areas out of poverty between 1978 and 2017, or about 19 million people each year, according to the National Bureau of Statistics. The country had another 30 million people to lift out of abject poverty, according to the figures.

China signed 12 cooperation agreements under the framework of the initiative with other countries including Singapore, Montenegro and Kyrgyzstan, as well as with international organizations such as the World Economic Forum and agencies within the United Nations.

China welcomes investment from all countries, including Singapore, and will make more efforts to build a more inviting business environment of fair competition for domestic and foreign enterprises, Premier Li Keqiang said on Tuesday.

China sold a total of 203,420 excavators in 2018, surging 45 percent year-on-year, the association said.