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China will spare no effort to stabilize foreign trade by increasing financial, insurance and fiscal support and strengthening cooperation with regional trade partners, especially Japan and South Korea, as the novel coronavirus pneumonia epidemic spreads worldwide, the Ministry of Commerce said on Thursday.

China's State Council requires all facilities producing inferior-quality steel bars to be dismantled across the country by the end of June, but the inspection found two mills in Tianjin were still in business while one company shutdown in Hunan province was seeking to restart production.

China will launch a new three-year renovation plan to address housing in rundown urban areas, with 5.8 million units to be constructed this year, according to this year's government work report.

China's banks are expected to increase lending and lower borrowing costs this year, especially for small and private firms vital for growth and job creation.

China will encourage consumers to upgrade their smartphones into 5G-enabled devices. [Photo/Sipa]