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China capable of handling challenges including possible market fluctuations

China has made visible progress in developing a national social credit system. A unified social credit code, which identifies businesses and their specifics, has been introduced nationwide.

China has always attached importance to protecting IPR by formulating laws and regulations, cracking down on violations and raising public awareness of IPR, Hua said.

China has cemented its position as a global leader in 5G wireless technology and is expected to account for 70 percent of the global 5G connections this year, said Global System for Mobile Communications Association, an international association of mobile operators.

China experienced marked improvement in its surface water quality last year. According to the Ministry of Ecology and Environment, monitoring at 1,940 sites found that 71 percent of the water was at or above Grade III - a year-on-year improvement of 3.1 percentage points. Bodies of water listed below Grade V, the poorest quality, dropped by 1.6 percentage points to 6.7 percent.