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Chen Kexin, chief analyst of industry information provider Lange Steel Research Center, estimated that increasing crude steel output growth over the past few years is likely to come to an end soon.

Chen Xiangqun, vice-governor of Liaoning and a deputy to the National People's Congress, the country's top legislature, suggested during this year's annual NPC session last month that the existing family planning policy be abolished in Northeast China, allowing couples there to decide how many children to have.

Cheng Lihua, vice-minister of finance, said at a news briefing on Wednesday that the authorities would work to ensure that the tax cuts, which are set to take effect starting from next month, will be implemented in full.

Chen Liren, vice-president of Samsung's content strategy department in China, said each player in the payments industry has his own advantages. For instance, with the approval of the customers, mobile phone manufacturers could share data with payment service providers to enhance their risk control systems.

Chen said the economic structures of China and Japan are highly complementary as Japan is an international leader in fields such as high-end manufacturing, artificial intelligence, hydrogen fuel cells and ecological conservation, while China has over 400 million middle-income citizens which means "enormous consumption potential".