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China began planning for its bullet train system in the early 1990s. Its first high-speed rail system, which runs at 155 mph to 217 mph (250 km/h to 350 km/h) between Beijing to Tianjin, began operating in 2008.

China has around 90 million private businesses, which are key to boosting development and increasing jobs, Li said. According to the State Administration for Market Regulation, China has 110 million market entities, including 34.74 million enterprises. Last year, 6.7 million new enterprises were registered.

China began a massive reform of its military in 2015. This has included merging departments to optimize efficiency, and putting restrictions on commercial activities to safeguard security and prevent corruption.

China currently has 97 centrally administered SOEs, down from 117 five years ago as a result of the central government's policy of restructuring SOEs to improve their earning capabilities and efficiency.

China first enacted the annual fishing ban in 1999, aiming at protecting marine resources and the ecological environment.