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"Consequently a major challenge for the Labour government in its second term will be to stabilize the large increase in government debt as a share of GDP caused by the COVID-19 pandemic fiscal stimulus measures," he said.

"China will keep improving the market-oriented foreign exchange regime and maintain flexibility of the yuan exchange rate, generally at a reasonable and stable equilibrium this year," said Wang Chunying, spokeswoman of the State Administration of Foreign Exchange, the country's foreign exchange regulator.

"China's tourism industry is entering a period of high-quality development, marked by market-oriented demand," said Yang Jinsong, a researcher at the China Tourism Academy.

"Currently, the glaring issue in rural areas is the inadequate garbage sorting and sewage, and the new action plan is prioritizing tackling these issues," Li said.

"China-made vehicles are now able to compete in global markets to serve consumers worldwide," he said.