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China will step up the building of its social credit system by rolling out new market regulatory measures, the State Council announced after the latest executive meeting chaired by Premier Li Keqiang.

China's BeiDou Navigation Satellite System started its global service at the end of 2018, benefiting countries like Myanmar, Laos, Brunei, Pakistan and Indonesia in land planning, pest detection, urban construction, mapping and more.

China's Ministry of Finance said in a statement on Friday that the decision was "perplexing" as it came while China's economy had been on a firm growth track following its achievement of higher-than-expected growth rates in the first half of this year and solid progress in economic restructuring and debt reduction.

China's State Council said on Sunday that the country would continue to suspend additional tariffs on US vehicles and auto parts after March 31, in a goodwill gesture following a US decision to delay tariff hikes on Chinese imports.

China's 120 trillion yuan ( trillion) asset management segment, which comprises trust funds, insurance, securities, public and private funds, and commercial banks' wealth management products or WMPs, is on the cusp of a new era of tighter regulation and balanced growth free of systemic risks.