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The report pointed out that trade balance is misleading, citing the example of Apple and General Motors. There were 310 million active iPhones running in China in 2016 and Apple generated billion revenue from China in 2016, mostly from iPhones. But it was not reflected in the trade balance since China only imported million of cell phones from the US in 2016.

The regulation, issued by the Ministry of Transport, focuses on strengthening the safety management at such facilities and the requirement of routine safety checks.

The region plans to launch three major water conservation projects along seasonal rivers in southern Xinjiang this year to increase and better regulate water supply for industrial and agricultural use, and help reduce flood risks, Li said.

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The report also says in the past five years, 31,527 criminals were granted amnesty, which highlights the increased protection for human rights.

The report says South Asia will remain the fastest growing of all subregions in Asia and the Pacific, despite a downward revision from previous projections from 6.7 percent to 6.5 percent in 2017, and is expected to pick up to 7 percent in 2018. GDP growth in India, the subregion's largest economy, is revised down to 6.7 percent in 2017 and 7.3 percent in 2018.

The report placed Amazon.com ahead of Subway, YouTube, Ford and Netflix.

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The remarks were made at a forum celebrating the 70th anniversary of the People's Republic of China. The forum was organized by the China Iron and Steel Association.

The region will also focus on villages' living environments this year. It said rural residents are expected to play a vital role in the campaign, by encouraging them to take part in activities including clean-up, afforestation and management to provide themselves better living conditions.

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The report suggested that China should reduce the tax burden on a more broad-based level.

The reopening of Walt Disney World Resort will mark the first of Disney's theme parks in the United States to welcome back guests after being closed for months.