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China's new drug development has begun to catch up in the fields of tumors, diabetes, and antibiotics, Fu added.

China's gross domestic product (GDP) has grown exponentially for the past 20 years through innovation that created leading industries in certain areas, resulting in the significant improvement in the quality of people's life, he noted.

China's economic and technological strength, and its composite national strength will rise significantly by 2035, and it will also make major progress in developing core technologies in key areas and become a global leader in innovation, according to a communique released after the four-day Fifth Plenary Session of the 19th Central Committee of the Communist Party of China.

China's internet television industry is likely to witness robust growth as radio and television companies are beefing up cooperation with local educational authorities and online education companies to offer students livestreaming courses, following the postponement of school semesters due to the novel coronavirus outbreak.

China's foreign exchange reserves, affected by the US interest rate hike in December 2015, fell by 3.8 billion in the fourth quarter of 2015. But the US interest rate hike in March had little effect on China's foreign exchange reserves, which dropped by only .4 billion in the first quarter.