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China has adopted many reform measures, including drafting a unified Foreign Investment Law that addresses key concerns by foreign investors on government procurement, technology transfer and protection of intellectual property rights.

China has been an active facilitator of inclusive growth. More inclusive growth in our country has been an important reason why the Chinese economy has maintained steady growth in recent years despite the sluggish world economy. In keeping with the principles of innovative, coordinated, green, open and shared development and the trend of economic globalization and the new industrial revolution, we have highlighted inclusiveness in our development strategies, and worked to promote inclusive growth through providing institutional guarantee and policy support. This has helped us to blaze a path of inclusive growth with distinctive Chinese features. Naturally, we are still feeling our way forward along this path.

China cut steel production capacity by 170 million tonnes, coal by 800 million tonnes, and cement by 230 million tonnes over the past five years, the report noted.

China has embarked on a development trail with no precedent example to follow, according to Jiao Yang, the university's Party chief who serves as the director of the institute, citing the Belt and Road Initiative.

China cannot become modernized without modernizing its agriculture and rural areas, said the document.