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China is now the world's second-largest economy, while its per capita income is still only about one-fifth of the average in areas with high incomes.

China is also poised to lead the global industrial IoT market. There will be 13.8 billion such connections globally by 2025, and China will account for approximately 4.1 billion, a third of the global market, according to the Global System for Mobile Communications Association.

China is planning to build a system to recycle new energy car batteries, with carmakers set to play a major role, in an effort to boost the development of the fast-growing segment.

China has taken a series of measures against harmful online information through campaigns and by issuing laws and regulations over the past few years.

China is starting to play a significant role in research and development, as well as design, along with the rise of global value chains, according to David Dollar, a senior fellow at the Brookings Institution's John L. Thornton China Center.