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At the same time, the US should also respect China's right to choose its own development path, and walk in the same direction with China to jointly maintain the healthy and stable development of bilateral relations, Xi added.

At the just concluded sessions of the National People's Congress of China and the National Committee of the Chinese People's Political Consultative Conference, the Report on the Work of the Government 2019 was adopted. In the basic plans and main tasks outlined in the Report, innovation is one of the priorities.

At the end of last year, China's financial system was backed by the world's largest banking sector with assets of more than 232 trillion yuan ( trillion), a stock market valued of nearly 54 trillion yuan and an insurance sector with assets of over 15 trillion yuan.

At the formal presentation of the report at the Cervantes Institute in Beijing, Rafael Dezcallar, the Spanish ambassador, shared similar opinions, expressing his confidence in the great potential for further cooperation.

At present, China has built and put into operation more than 150 sets of catalytic cracking units-which break long petroleum molecules into shorter more useful ones-with a total annual processing capacity of nearly 200 million metric tons. Over the years, the catalytic cracking process has produced nearly 70 percent of the nation's gasoline, 40 percent of its propylene and 30 percent of its diesel, according to Science and Technology Daily.