"The positive spillover of our supply-side structural reform is being felt across the world. Indeed, this is a reform that we must continue and see through," he added.

CRITICAL BATTLES

According to Liu, China has to fight three critical battles in the next few years -- risk prevention, poverty reduction and pollution control.

"For China to build a moderately prosperous society in all respects, we must fix the shortest plank in our development through winning these battles," he said.

First, although China's financial system is basically sound with a high savings rate, China still needs to continue preventing and resolving major financial risks, Liu said.

"Shadow banking and hidden debt for local governments are serious problems we have to deal with," he specified.

Since the fourth quarter of 2017, China has had a marginally slower overall leverage ratio growth, which Liu said was a good sign.

Second, China will continue with smarter, more targeted efforts to lift more people out of poverty.

"We have set a target to basically eliminate absolute poverty in three years," he said.

In 2018 alone, China will lift 10 million people from absolute poverty, including 2.8 million who will be relocated from areas suffering from harsh conditions.

The third battle is to fight pollution continuously. "Green and low-carbon development is what the Chinese people want the most in a break with the traditional growth model," Liu said.

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