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"The debt-to-equity swap deserves much credit for reversing the fast rise of debt and bringing about a decline in the overall leverage ratio. It has been a market-driven, rules-based process, which has worked well so far," Li said.

The document put a lot of emphasis on the need for proper planning. Local governments have been required to specify their plans according to the local reality, especially for the period from 2018 to 2022, and to coordinate policy-making in relevant spheres.

Analysts say Shanghai crude will be able to compete for the crude price benchmark in the Asia-Pacific region, hopefully becoming part of the 24-hour global trading system, together with Brent and WTI futures.

Besides renegotiating trade agreements, the United States is also more publicly pursuing complaints in the World Trade Organization (WTO), launching high-profile investigations of "tax and trade abuses," and imposing punitive trade actions, she said, adding that "the current course is likely to continue throughout 2018."

"Even with raised minimum wages, families can still fall back into poverty due to serious diseases or accidents," Zhang said. "A more comprehensive and refined social welfare network is also needed."