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China has emerged strongest from the coronavirus pandemic, with reopened factories, continuing economic development and tight controls on new outbreaks, the report noted.

China has a rural population of 577 million, of which 30 million people live under the poverty line. The country has set the goal of lifting all impoverished people out of poverty by 2020.

China has accelerated a series of reforms for SOEs recently, including speeding up mergers and acquisitions and the setting up of a cabinet-level special working group for SOE reform, moving toward mixed ownership and market-oriented management.

China has also achieved progress in economic restructuring, as contribution of investment to growth has declined while that of consumption rises, the bank said.

China expects CPI to increase by around 3 percent in 2018, according to a government work report released in March.