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China will cut VAT rates this year as part of a tax reduction package amounting to 400 billion yuan (.6 billion) to drive high-quality development, a State Council executive meeting chaired by Premier Li Keqiang decided on Wednesday.

China would also encourage domestic investors to invest in bonds issued by Russia, in line with the existing framework of laws and regulations, it said.

China will work to beef up policy support for the private enterprises, optimize the market environment and guide them to enhance the development quality of the industry, according to the document jointly released by the National Development and Reform Commission (NDRC) and the agricultural ministry.

China's Consumer Confidence Index or CCI will likely remain in positive territory in 2018, given the strong economic growth momentum and people's expectation of better employment and higher income, according to Nielsen China.

China would like to make joint efforts with Cambodia, move toward the goal of building a strategic community of a shared future, set the major areas of cooperation and map out the blueprint for development, Xi said.