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China will reduce the risks of internet finance and peer-to-peer lending with steady progress as the shakeout in the nation's 2 billion P2P lending industry accelerates at a rapid clip.

China's auto market has seen slumping sales for 16 consecutive months. Sales for the first 10 months of the year totaled 20.65 million units, with a 9.7 percent year-on-year decline.

China will raise the threshold of personal income tax and create expense deductions for items like children's education and treatment for serious diseases, Premier Li Keqiang said in the Government Work Report delivered to the first session of the 13th National People's Congress.

China will not close its door but open it wider and wider, Xi said, adding that the country will safeguard the multilateral trade system and help build an open world economy.

China will release by the end of the year regional rankings in the green development index, which will encourage local governments to give more attention to environmental protection in national economic development, the head of the National Bureau of Statistics said on Saturday.