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China plans a package of preferential policies to build Hainan province into a globally influential and high-quality free trade port, which will serve as a new growth engine for both the nation and the global economy, officials and experts said on Monday.

China plans to woo overseas listed Chinese firms back to the domestic A-share market with the introduction of the Chinese depositary receipts system, especially major tech companies such as Tencent Holdings Ltd, Alibaba Group Holding Ltd, Baidu Inc, JD and NetEase Inc.

China welcomes the entry of high-quality, competitive US products in the Chinese market, the ministry said, adding that the economies of the two countries are highly complementary and bilateral trade has vast potential to improve.

China plans to abolish the requirement that domestic insurance companies have to own at least 75 percent stake in insurance asset management joint ventures, the country's top insurance regulator said on Saturday.

China never allows Chinese citizens or enterprises to engage in activities in violation of the UN resolutions, he said.