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China will further open its stock markets by allowing foreign individuals to have onshore securities accounts, the country's top securities regulator said on Sunday.

China will make efforts to effectively control fiscal and financial risks. To that end, the proactive fiscal policy should be stronger and more effective while the prudent monetary policy should be neither too tight nor too loose, the Government Work Report said.

China's automobile sales totaled 17.12 million units in the first three quarters of this year as the country's automobile market warmed alongside government polices to spur consumption.

China's VAT rates for manufacturers remains higher than other Asian countries, including Japan (8 percent) and Vietnam (10 percent), according to Morgan Stanley.

China will never seek self-development at the cost of other countries’ interests, nor will it give up its justified interests, Xi said, adding that China’s development will pose no threat to any other nation, and it will never seek hegemony no matter how developed it becomes.