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China's central bank governor Zhou Xiaochuan said at an internal meeting on Monday that financial regulators need to prevent financial risks more proactively and effectively, to balance with economic growth.

China's AI sector will be worth 9.1 billion yuan by 2020 and it will rise by more than 50 percent year-on-year.

China will establish systems to subject such violators to more severe punishment, including hefty fines and compensation for consumers, Zhang Mao, minister in charge of the State Administration for Market Regulation, said. Violators will have all fake or substandard products identified, confiscated and destroyed, he said.

China will intensify its national strategic strength in science and technology, enhance enterprises' innovation capacity, stimulate the vitality of talent for innovation and make institutional improvement in terms of scientific innovations, it said.

China will maintain a prudent and neutral monetary policy in 2018 as it strives to balance growth and risk prevention.