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China is willing to engage in third-party cooperation with Australia based on the needs of the South Pacific island countries, so as to help them achieve the 2030 Sustainable Development Goals (SDGs) as soon as possible, he said.

China started to use M2 as one of the intermediate targets for monetary policy fine-tuning in 1994, and during the past decade the annual M2 targets were between 12 percent and 17 percent.

China will adopt a new 30-day visa-free policy in Hainan province for people from 59 countries starting May 1, in an attempt to nurture the tourism industry of the southernmost province.

China saw its photovoltaic product exports reach a five-year high last year, thanks to rising demand of production capacity abroad and the end of the European Commission's anti-dumping measures.

China plans to reduce a total of 1 trillion yuan in costs for enterprises this year.