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China's central bank announced on Sunday it is cutting the cash required to be held in reserve in commercial banks by one-half percentage point starting July 5, a measure designed to make it easier to lend to small and microsized companies.

China will make sure that socialist modernization is basically realized from 2020 to 2035. From 2035 to the mid-21st century, China will develop into a great modern socialist country that is prosperous, strong, democratic, culturally advanced, harmonious and beautiful, Xi said.

China's .12 trillion foreign exchange reserve may further decline under the pressure of capital outflows, said experts, predicting a stronger US dollar supported by the Fed's possible interest rate hike in June.

China will develop the artificial intelligence and big data to make the new energy auto industry competitive in the global market.

China will stop using the traditional benchmark lending rate for new loans starting next year, which is considered a milestone in the 25-year process of market-oriented interest rate liberalization reform. Economists expected a more flexible mechanism to reduce financing costs for companies and households.