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China currently has 98 centrally administered SOEs, down from 117 five years ago as the central government has been restructuring central SOEs to improve their efficiency and competitiveness.

China has made visible progress in developing a national social credit system. A unified social credit code, which identifies businesses and their specifics, has been introduced nationwide.

China has become the world's most significant production site of VR terminal products, which nurtures the VR consumer market, Wu said, adding the ministry will continue to support the building of a VR manufacturing innovation center, and advance the research and development of VR core technologies.

China has been striving to build a fair and inclusive social security network, with its basic pension insurance covering 915 million residents at the end of last year.

China has continuously stepped up efforts to implement monetary and fiscal policies to stabilize the economy. These efforts have helped bolster market expectations and confidence in the Chinese economy from enterprises, residents and foreign investors, economists said.