China Baowu Steel Group, the nation's largest steelmaker, is approaching its target of becoming a global industry leader with an annual output of 100 million metric tons as it intends to acquire a controlling stake in Chongqing Iron and Steel Co Ltd.
"As the Chinese economy is transitioning from high-speed growth to high-quality development, consumption is to play a bigger role in driving economic growth, while the economy will no longer excessively depend on investments," Li said.