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China's central bank still faces several challenges in monetary policy operations, Zhu Haibin, JPMorgan chief China economist and head of China equity strategy, told China Daily.

China will promote employment, improve its social security system, optimize income distribution structure and expand the middle-income group as part of efforts to expand domestic consumption, the meeting said Friday.

China will launch the fourth national economic census this year covering about 30 million impersonal entities and industrial activity units as well as about 60 million self-employed entrepreneurs.

China will introduce more targeted and effective measures to further reduce corporate operating costs and the country will achieve its development goals for this year, as well as the goal of building a moderately prosperous society in all respects, Premier Li Keqiang said on Thursday.

China's Budget Law was passed in 1994 and took effect in 1995.