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China will further deepen reform of government functions and foster new drivers of growth to keep employment stable, such as cultivating new forms of industry in the digital economy, the State Council's executive meeting chaired by Premier Li Keqiang decided on Tuesday.

China will pursue a prudent monetary policy more flexibly and appropriately, according to this year's government work report.

China will further bring down its overall tariff level, strive to remove non-tariff trade barrier, and slash institutional costs in imports, Xi said, adding that China will make the second China International Import Expo (CIIE) a success.

China will encourage major foreign-invested projects, lower import tariffs and ease customs procedures to expand opening-up and enable a better environment for foreign investment, it was decided at a State Council executive meeting presided over by Premier Li Keqiang on Wednesday.

China will lift foreign ownership restrictions in the life insurance sector in three years and raise foreign ownership limits to 51 percent in joint-venture life insurance firms by the end of June, a top regulatory official said.