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The market-driven approach to economic reform has produced positive results, increasing the confidence of foreign investors in the Chinese economy. Statistics show a total of 60,533 foreign-funded enterprises were set up in China in 2018, up 69.8 percent year on year.

The two cities have made steady progress in developing industrial economies as the Chinese government's plan to promote city clusters has provided policy tailwinds, the report said.

In the speech, Xi noted that Chinese people had a hard but fulfilling year.

They have launched a variety of reform and opening-up measures that are flexible and targeted for problems in different fields. Borrowing costs, for instance, are increasingly market-based.

BEIJING, Dec. 30 (Xinhua) -- China's top legislature on Saturday voted to adopt the revised civil servant law as part of the country's efforts to promote its civil service reform.