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China's local governments are also working to attract private capital into cash-strapped strategic emerging industries, which have found it difficult to get bank loans as many start-ups are yet to turn patents and intellectual property into profits.

China's economic growth has remained one of the strongest in the world, and people's livelihoods have continuously been improved, the president said, before calling on the nation to "roll up our sleeves to work harder".

China's logistics industry has been growing steadily thanks to government support that promises lower taxes and costs. In 2016, the gross revenue of the sector hit 7.9 trillion yuan (.1 trillion), up 4.6 percent from 2015.

China's official purchasing managers' index (PMI) for the manufacturing sector rose to a four-month high in July, indicating that the sector accelerated recovery from the COVID-19 epidemic.

China's manufacturing growth level still lags substantially behind that of the international advanced level in terms of labor productivity, efficiency of resource use, return on investment and total factor productivity, said Xin.