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China will continue to lead growth in the global luxury goods market, with the boom in the online luxury retail industry especially in lower-tier cities due to growing demand from tech-savvy consumers who tend to pursue exquisite and high-end lifestyles, industry analysts and insiders said.

China will continually push forward the all-around reform and opening up, which could also help stabilize the foreign exchange reserves, Wang said.

China will also continue to open the bond market, encourage investment under the Renminbi Qualified Foreign Institutional Investors scheme, jointly develop green bond markets and support Paris as an international renminbi offshore hub, while improving cooperation in financial regulation and anti-money laundering.

China pledged to implement the proactive fiscal policy in 2018. Improving economic momentum and rising fiscal revenue have provided more room for policy makers to maneuver.

China is willing to facilitate the construction of agreed infrastructure projects and expand cooperation with Senegal in emerging fields such as industrial parks in accordance with its needs, Wang added.