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Among them, China's current account surplus now accounts for 2-3 percent of China's gross domestic product (GDP), down from a peak of 10 percent. In addition, the income-labor ratio has improved while energy consumption per unit of GDP fell.

Over the past more than a decade, the DOC principle of having direct talks between concerned parties over their disputes has been significant for China and the ASEAN nations to maintain peace and stability in the South China Sea, said the premier.

With their total economy accounting for one fifth of the global economy and 70 percent of the Asian economy, the three countries have started the 10th round of negotiations on a free trade zone among them, which is expected to enhance industrial complementarity, explore potential in trade and investment and further integrate regional value chain.

He asked state-owned enterprises to take the lead in innovation, produce more and better products and play a bigger role in leading innovation-driven development.

Gao also proposed to enhance industrial capacity cooperation as well as trade and investment in the region by improving trade facilitation and cooperating on logistics supply chain. China, Japan and South Korea should also further enhance cooperation to add new energy to the "10+3" economic and trade cooperation, he added.