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China's vacation rental and homestay market, which clocked sales of 19.1 billion yuan (.68 billion) in 2018, is expected to surge this year. According to an earlier report from the State Information Center, the sector's revenue is expected to reach 50 billion yuan by 2020.

China's proposed tariffs on US soybean and pork will have limited impact on domestic consumer inflation measured by the consumer price index, he added. Estimates show that if domestic soybean prices rose by 25 percent, China's CPI will still be kept at an average of 2.4 percent, well below the control target of 3 percent, for this year. Considering the fact that China can import such products from other countries, the real effect will be even smaller, Wang said.

China's service trade hit a historic high in the first 10 months of 2018 with optimized structure and stable progress, data from the Ministry of Commerce show.

China's year-on-year GDP growth reached 6.6 percent in 2018, compared with 6.8 percent in 2017, the National Bureau of Statistics said on Monday.

China's pledge for more opening up