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China's supply side reform generates the potential momentum of a new model of growth, which fosters innovation and less bureaucracy, Mariscal added.

Xi called for continuous efforts to advance full and strict governance over the Party as this year marks the 70th anniversary of the founding of the PRC and is key in finishing building a moderately prosperous society in all respects to achieve the first centenary goal. He laid out six tasks:

Stronger innovation capacity will be supported. Catalogues of recommended products and services will be issued to help high-tech SMEs gain better access to the market. Private firms will also be supported in participating in the R&D of core technologies and the formulation of national standards.

Allison said China has set a successful example for poverty reduction in the world. "If I have to choose the best of China's countless achievements, I would choose poverty reduction."

HONG KONG, Feb. 6 (Xinhua) -- Benefiting from the Hong Kong section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link and the Hong Kong-Zhuhai-Macao Bridge, China's Hong Kong Special Administrative Region (SAR) witnessed a record high of tourist arrivals last year.