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The report put forward five key guiding principles for member countries to smartly use fiscal policy to achieve more policy objectives, noting that fiscal policy should be countercyclical, growth-friendly, inclusive, solidly grounded in tax capacity, and be conducted with prudence.

The relations were forged in firm militant friendship and genuine trust deepened at the cost of blood and life, not merely for the reason that the two countries are geographically close to each other, Kim said.

The relentless growth of China's economy was coupled with the physical expansion of Chinese cities over the past 40 years.

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The regional economic organization, also known as Mercosur, will serve as a bridge to boost cooperation with China in fields such as infrastructure, logistics, railways, aviation and ports, Miguel Lujan Paletta, president of Mercosur's chamber of commerce, said in Beijing.

The report sheds some positive light on parental leave, with an increase of its intake by fathers, particularly in countries where specific incentives, such as "daddy quotas," are in place that reserve a non-transferable portion of the leave for them on a "use it or lose it" basis.

The report forecast that China's real estate policy will remain stable in 2020, adding that local governments should fine-tune their real estate market policies with reasonable and targeted support for the sector.

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The renewed free trade agreement, signed in 2017, took effect on Friday. According to it, China will gradually eliminate tariffs on some wood products from Chile within three years, and Chile will immediately eliminate tariffs on Chinese goods like textiles, clothing, home appliances and sugar products.

The report said that the rate of extreme poverty in Asian countries is 1.85 percent and that absolute poverty has generally been eradicated.

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The report also noted that Chinese tourists are showing stronger wanderlust for off-the-beaten-track destinations and preferring more customized trips, while demonstrating increasing awareness of travel safety in terms of purchasing overseas travel insurance.

The regulator urged the expanding of financial channels and providing sufficient financial services for private firms at different growth stages.