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China launched two pilot FTZs last year in Yunnan province and in the southern Guangxi Zhuang autonomous region, which are both border areas. The pilot FTZ in Yunnan covers parts of Kunming, the provincial capital, Honghe Hani and Yi autonomous prefecture that borders Vietnam, and Dehong Dai and Jingpo autonomous prefecture, which borders Myanmar.

China will also upgrade the entrepreneurship and innovation program to further promote employment, scientific and technological innovation, and industrial development vitality, according to the State Council.

China will also work to better protect intellectual property rights and further promote the use of negative lists for a more convenient and equitable policy environment for overseas investors, the premier stressed. Negative lists specify areas where investment is prohibited — all other areas are presumed to be open.

China shared the same view with the United States that steel overcapacity is a global issue, which requires a global collective response, Zhu said, adding China also emphasized that the excess steel capacity was a result of sluggish global economic recovery.

China will continue to deepen the financial cooperation between Asia and Europe with reform and opening up as a driving engine, he added.