China will never slow its pace of reform and will only open its doors even wider, President Xi Jinping said Monday evening in his New Year address.

In comments broadcast live by all state media, Xi said China launched more than 100 major reform measures in 2018 and unveiled a comprehensive and systematic overhaul of both party and state institutions.

“The world has seen China's accelerating reform and opening up, and its determination to carry it forward,” Xi said.

The year 2018 marked the 40th anniversary of China’s landmark economic reforms, while the country has faced mounting pressures from economic cooling and a trade war with the United States. Xi and other officials have repeatedly pledged further reform efforts to counter the continued uncertainties.

In his New Year speech, Xi also warned of challenges ahead.

“Looking at the world, we are faced with huge changes, changes not seen in 100 years,” he said.

Xi reaffirmed further tax and fee cuts to alleviate business pressures, measures to encourage innovation and efforts to fight against poverty in rural areas.

“No matter how the international situation changes, China's confidence and determination to safeguard national sovereignty and security will not change. China's sincerity and goodwill for maintaining world peace and promoting common development will not change,” the president said.

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