A magnetoresistive element comprises a nonmagnetic nano-current-channel (NCC) structure provided on a surface of the magnetic recording layer, which is opposite to a surface of the magnetic recording layer where the tunnel barrier layer is provided, and comprising a spatial distribution of perpendicular conducting channels throughout the NCC structure thickness and surrounded by an insulating medium, making the magnetic recording layer a magnetically soft-hard composite structure. Correspondingly, the critical write current and write power are reduced with reversal modes of exchange-spring magnets of the magnetically soft-hard composite structure.