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China's broad money supply maintained a low growth rate of 8.3 percent in April, along with flat new yuan loan expansion even as policymakers continued financial deleveraging, according to data from the People's Bank of China, the central bank, on Friday.

China will form a new ministry to push forward the development of the agricultural sector and rural areas, if a reform plan submitted to the national legislature for deliberation on Tuesday is approved.

China's challenge is to increase investment in digitalizing and labeling data, while ensuring all information stored is relevant, Zhang said.

China's central bank governor Zhou Xiaochuan also warned during the meeting that the crypto-assets could result in illegal trading, money laundering and terrorist financing, as well as impact "monetary policy transmission"－the efficiency of monetary policy tools to influence the macroeconomy.

China's 2 trillion yuan (1 billion) tax and fee cut plan continued to pull down government income in October, pushing officials to expand non-tax revenue and maintain stable fiscal spending to support economic growth, according to the Ministry of Finance.