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As opposed to worries that technology may make people jobless, Djankov pointed out that they also create many more new occupations. For example, instead of hiring traditional loan officers, JD Finance, a leading fintech platform in China, created more than 3,000 risk management or data analysis jobs to sharpen algorithms for digitized lending.

As long as the Chinese people stick to their goals and strive along the path of socialism with Chinese characteristics, the country will definitely become more prosperous, Xi said.

As mentioned in the annual report, China's outbound investment along the two trading routes will be expected to maintain a high amount of growth this year, with capitals primarily flowing into sectors, meeting the destinations' social and economic development demand.

As part of the festival, 2020 China Nighttime Economy Development Summit was held on Saturday in Chongqing.

As manufacturing and service activities picked up, analysts generally pointed to a recovering economy thanks to a series of supportive policies from the government since last year.