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Announcing his participation in the second Belt and Road Forum on International Cooperation in April in Beijing, he reaffirmed Serbia's support for the initiative, saying it promotes peace and cooperation and shows China's respect for the equality of all countries.

Another challenge is to find the right balance between government intervention and letting markets play a decisive role. Substantial progress has been made over the past two years; for instance, with reducing excess industrial capacity and the housing overhang, and government intervention played a critical role here. However, it is also broadly accepted that well-regulated and competitive markets are critical for increasing economic efficiency and productivity. This is exactly what China needs to achieve a high-income economy in the coming years.

Another newly-unveiled smartphone, N7 Lite, is equipped with a 4050 mAh battery, and users can fully charge the phone in about 100 minutes.

Ant, which claims to have 1 billion global users, has already gotten a range of financial licenses in China covering payments, online banking, insurance and micro lending.

Ann Lee believes a country's innovative prowess is a better indicator of superpower status than its gross domestic product.