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China is expected to play a positive role in the upcoming RCEP talks, which will be the first leaders' meeting since its launch in 2012. RCEP is a free trade pact involving the 10 ASEAN members and six other countries -- China, India, Japan, South Korea, Australia and New Zealand.

China is now the world's second-largest market for pharmaceuticals, second only to the United States. Iqvia, a healthcare information company, earlier said China's pharmaceutical market will reach 5 billion to 5 billion by 2022, compared with 2.6 billion in 2017.

China is moving toward an economy boosted by consumer spending, innovation and services, reducing reliance on investment and exports of low value-added goods, boosted by strengthened efforts in innovation and research.

China is making a big push to develop new energy cars, as it is a key part of its Made in China 2025 strategy. China launched the 10-year national plan to transform the country into a leading high-tech manufacturing power and aims to develop 10 key sectors, including the new energy cars.

China has resources to carry on reform, says former governor of central bank