Chinese Vice Premier Liu He, who is also a member of the Political Bureau of the Communist Party of China Central Committee and chief of the Chinese side of the China-U.S. comprehensive economic dialogue, speaks during the China-U.S. phase-one trade deal signing ceremony held at the East Room of the White House in Washington D.C., the United States, Jan. 15, 2020. (Xinhua/Liu Jie)

During a briefing with some Chinese press held after the signing of the China-U.S. phase-one economic and trade agreement, Chinese Vice Premier Liu He talked about Chinese economy and the country's economic reform.

WASHINGTON, Jan. 16 (Xinhua) -- China's gross domestic product (GDP) is estimated to expand over 6 percent year on year in 2019, and the latest data indicates a better-than-expected economic outlook, Chinese Vice Premier Liu He said here on Wednesday.

Liu, who just signed the China-U.S. phase-one economic and trade agreement with U.S. President Donald Trump earlier in the day in the White House, made the remarks during a briefing with some Chinese press.

China's economy has been generally stable and is one of the fastest-growing economies in the world in 2019, said Liu. He also pointed out that China's economic output has reached nearly 100 trillion yuan (14.49 trillion U.S. dollars), and that its annual economic expansion of about 1 trillion dollars is almost equivalent to a medium-sized economy in today's world.

Meanwhile, major macro-indicators including jobs, consumer prices and balance of payments, are all within reasonable ranges, with industry upgrading and structural adjustments advancing firmly, the vice premier added.

Aerial photo shows imported soybean in bulk being transferred from a ship to containers in Huangshi New Port of central China's Hubei Province on Dec. 27, 2019. (Xinhua/Xiao Yijiu)

The year 2020 will witness China's accomplishment of building a moderately prosperous society in all respects, as well as its completion of the 13th Five-Year Plan.

Liu noted that China has seen some positive signs in key indexes including the purchasing managers' index (PMI), and indexes for industrial added value and enterprise efficiency in the past two months, and some high frequency data in January also showed that China's economic performance is better than expected.

China's economy is rebalancing itself, adding dependence on domestic demand with consumption, innovation, and higher labor productivity. It is also reducing reliance on debts for growth and steadily improving its inherent dynamism, Liu said.

With a super large market and an enormous middle-income group, China's economy will perform better in the future through deepening supply-side structural reform and industry transformation and upgrading, Liu said.

A reporter takes photos at marine science and technology sector during the Qingdao International Software Convergence & Innovation Expo in Qingdao, east China's Shandong Province, on July 25, 2019. (Xinhua/Li Ziheng)

China's economy is advancing along the path of high-quality development, Liu said. "We are optimistic about the economic outlook this year, and we have more confidence in our economy for the long run," he added.

China will continue to contribute to the growth of the world economy through its own steady development, Liu said, adding that China will further deepen domestic reforms and open up wider to the outside world.

Liu said that the goal of China's economic reform is to let the market play a decisive role in resources allocation and improve the functions of the government, adding that the reform should be implemented on the premise of upholding the socialist system.

China has achieved rapid economic growth while maintaining lasting social stability, a great feat that should mainly be attributed to the leadership of the Communist Party of China (CPC) as well as the country's socialist system, said the vice premier. "We will continue to be committed to creating conditions for the Chinese people to satisfy their needs for a better life."

Workers are seen at a workshop of Tenryu (China) Saw MFG Co., Ltd. in Dalian, northeast China's Liaoning Province, March 21, 2019. (Xinhua/Yang Qing)

Liu laid out four major areas for the next phase of China's reforms, the first of which is to invigorate micro-entities in the market, deepen the reform of state-owned enterprises, and facilitate the development of the private sector.

Secondly, market rules should be reinforced and fair competition promoted, said the vice premier.

The third priority is to further transform the functions of the government, which means the government should pull itself from the trivial businesses and focus more on macroeconomic regulation and public services, said Liu.

Last but not least, China will promote social reforms, insist on the perfection of social security system according to China's domestic situation, attach more importance to education and training, and expand human capital, added the vice premier.

Photo taken on May 17, 2018 shows a container dock of Shanghai Yangshan Deep Water Port, east China. (Xinhua/Fang Zhe)

Calling opening-up a "fundamental national policy" for China, the vice premier said the government is stepping up efforts in four aspects, the first of which is to broaden market access in an orderly manner. As the country's manufacturing sector has reached a high level of openness, opening up such sectors as modern service, agriculture, and infrastructure will be the focus of the next stage.

Secondly, China will learn from international practices to perfect its business environment, so as to enable foreign companies to compete on a level playing field and ensure that their intellectual property rights are effectively protected.

China has fully opened up its current account, Liu said, adding that the country will continue with its efforts to prevent and control risks, push for the opening up of its capital account in a prudent and orderly manner, and enhance the regionalization and internationalization of the Chinese currency.

Fourthly, China will actively participate in the international economic and trade rule-setting, conduct close cooperation with developing and emerging market countries, and promote the building of a fairer and more reasonable international economic order, the vice premier said.