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China's Nasdaq-style STAR Market in Shanghai needs to enact more reforms to become the top listing destination for tech firms and be a key participant in the country's capital market reforms, participants at the two sessions said on Wednesday.

China will deepen reform in investment and financing, stabilize special transport funding policies such as the tax on car purchases, adjust and optimize the structure of expenditures, and improve the special bond system for toll roads next year, Li said.

China will further promote the development and increase the supply of commercial insurance covering social services so as to better support an aging population and meet rising demand from people, the State Council's executive meeting chaired by Premier Li Keqiang decided on Monday.

China will rely on credit-supply expansions to mitigate the fallout from the novel coronavirus outbreak and not fall into any liquidity traps, while the rest of the world swings to a debt-driven growth model, analysts said on Monday.

China's biggest online shopping platform Alibaba also uses Alipay as the preferred method of transactions. A number of Pakistani individuals and businesses use Alibaba to order goods and products from China.