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China's five largest State-owned commercial banks by assets are expected to take the lead, so that their overall balance of this type of loan will increase by more than 30 percent from the beginning of the year.

China's development needs an environment of lasting peace and stability, he added, noting that China will continue the road of peaceful development, as well as opening up and win-win cooperation.

China's economy expanded 6.9 percent last year to 82.7 trillion yuan (12.8 trillion US dollars), around 15 percent of the world total. Foreign exchange reserves, the world's largest, reached 3.1 trillion dollars, and trade with countries along the Belt and Road rose 17.8 percent to 7.4 trillion yuan (1.15 trillion dollars).

China's market regulator said on Monday that the government will promote stricter regulation and supervision over online commerce, amid public concerns about false advertising, fake imported goods and monopolistic practices.

China's newly revised Budget Law stipulates that local government can issue bonds－general bonds and special bonds－through a national quota-based mechanism, but more detailed management should be improved.