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China has set this year's GDP growth target at between 6 percent and 6.5 percent, while keeping the jobless rate in urban areas at around 5.5 percent. The economy recorded GDP growth of 6.4 percent in the first quarter.

China is shaping up to be the largest spender on public cloud services in the Asia-Pacific region, with the adoption of cloud-computing services seeing triple-digit growth year-on-year in the quarter that ended in March, according to a report by Tencent Holdings Ltd.

China has started the third phase of 5G technology research and development tests, ahead of schedule, as the country accelerates steps to gain a lead in the race toward commercializing the next-generation communication technology.

China has stepped up targeted support to the country's small lenders this year in a bid to boost lending to the real economy, with a targeted cut in reserve requirement ratio for some small and medium-sized banks effective on May 15.

China has taken big steps to open its markets to foreign competition and investment. The Foreign Investment Law puts foreign firms on an equal footing with Chinese firms in almost all industries.