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As President Xi noted, the private sector should move toward a broader role in the Chinese economy. The real question is how that can be accomplished. Since the United States continues to engage in both protectionism and deglobalization, it is incumbent upon Chinese private firms to be nimble, competitive, diversified and better managed to meet the challenges.

As an important and long-standing system, the national science and technology award system is a significant policy to encourage independent innovation, inspire the vitality of talent and foster a favorable environment for innovation.

As for the traditional imaging sector, the shipments of digital cameras have witnessed a decline in recent years due to the popularity of smartphones. But Yang said that with the consumption upgrade in China, the local consumers have an increasing demand for professional imaging equipment such as single lens reflex or SLR cameras.

As for resold homes, prices in the four first-tier cities reported a 0.4-percent growth month on month, while those in 31 second-tier cities went up 0.6 percent, narrowing from the 1.2-percent increase in March.

As a country that has benefited hugely from opening up, international trade and investments in the past 40 years, China is now a major champion of globalization. The value of China's foreign trade in 2017 rose 14.2 percent year-on-year to .34 trillion and will only continue to grow.