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China has adopted targeted poverty relief measures for about six years and launched the fight against poverty for more than three years. "Besides improving infrastructure, the new round of poverty alleviation particularly focuses on solving problems that concern people the most, such as education, medical service and housing, so they don't need to worry about anything else but increasing their income," Ma said.

China has been injecting vitality into thousands of SOEs in recent years through a series of reforms, including mixed ownership and market-oriented management reform.

China has been the world's largest new energy car market since 2015. In the first five months of this year, sales totaled 136,000 vehicles nationwide, 7.8 percent growth year-on-year.

China had more than 149 million people 65 years of age or older in 2016, according to the National Bureau of Statistics. Experts predict the number of people who are age 60 or older could reach 500 million by 2050, creating explosive demand for care services.

China has made huge progress in reducing logistics costs, seeing cost cuts of 98.1 billion yuan last year, up from 55.8 billion yuan in 2016.