China makes progress in industrial upgrade, institutional reform

China has made solid progress in industrial upgrade and institutional reform in the past year, according to a government work report submitted on Wednesday to the national legislature for deliberation.

The added value of high-tech manufacturing and equipment manufacturing increased by 8.9 percent and 7.7 percent, respectively, the report said, adding that the annual output of new energy vehicles exceeded 13 million.

Reform and opening up achieved new breakthroughs, it said, adding that institutional reform was completed across the board, and major reform measures, such as building a unified national market and gradually raising the statutory retirement age, were introduced.

Restrictions on foreign investment in the manufacturing sector was lifted, and the joint building of the Belt and Road trade and investment cooperation continued to expand and upgrade, it said.