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Basic telecommunication service providers will be encouraged to further lower prices. The goal is to cut the average broadband service rate for small and midsized enterprises by 15 percent, the average rate for mobile internet services by no less than 20 percent, and roaming charges for internet traffic between the mainland and Hong Kong and Macao by 30 percent by the end of this year. A "floor-price" rate will be set for low-income populations.

Banks are scrambling for deposits to sustain the growth trend, as data show deposits only grew at around 8 to 9 percent this year, falling behind of credit growth, which grew by around 12.8 to 13 percent.

Bai moved to the new house in Fangcheng Xincun village, Datong city in North China's Shanxi province in early 2019. Before that, he lived in a rugged and shabby yaodong or house cave, a form of earth shelter dwelling common in Shanxi.

Baidu also will work with major car manufacturers next year to promote the development of self-driving technology. There are about 90 partners taking part in its open autonomous driving platform Apollo, Li said.

Based on the previous analysis, stabilizing China's economy lies in stabilizing consumption. In addition to government consumption, 70 percent of China's total consumption comes from household consumption. Owing to the rapid accumulation of debts in the past few years, and a slowdown in income growth resulting from the coronavirus outbreak, residents in China have increasing pressure to repay debts and interest.