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China needs to stay with the broad thrust of reforms and opening-up. In that vein, China needs to continue to focus on the rebalancing from exports and investment to internal private consumption, from manufacturing to services, and from surplus saving to saving and absorption－by that I mean using the still large reservoir of domestic savings to fund the social safety of Chinese people (i.e., retirement and healthcare).

China stands ready to join hands with South Korea to push for the healthy and steady development of bilateral ties, Xi said, as good bilateral ties are in accordance with the trend of history and time, as well as the common expectation of the two peoples.

China launches the last satellite of the Beidou Navigation Satellite System from the Xichang Satellite Launch Center in Southwest China's Sichuan province, June 23, 2020. [Photo by Hu Xujie/For chinadaily.com.cn]

China spent about 803 billion yuan (6.8 billion) on railway projects and put 4,683 km of new track into operation in 2018, of which 4,100 km were for high-speed trains.

China stepped up efforts to open up the commodity futures market last year, making three futures contracts available to foreign investors so far, including crude oil, iron ore and purified terephthalic acid (PTA), a raw material for making plastics.