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"China will lead the world in the sharing economy and become the center of transportation reform in the following 10 years," Cheng expected.

"Corruption and fraud still exist in the poverty alleviation sector," Hu said, adding that 187 officials in 39 counties made use of their work positions to improperly aid family relatives and friends or even embezzle the funds.

"Chinese consumers also favor more high-end baijiu given upgrades in consumption, which has helped increased companies' profits," the report added.

"China's Position on the China-US Economic and Trade Consultations", a report released on Sunday by the Cabinet's Information Office, reiterated that Beijing does not want a trade war but is not afraid of one, that it won't back down on "major issues of principle", and that its only intention is to reach a mutually acceptable deal.

"China's Internet Plus strategy is an approach while the digital economy is the result, both of which serve the goal of 'building the country into a Digital China' and an internet power," he said.