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Economist Ma Guangyuan believes prices in first-tier cities will continue to rise, but huge increases will not be sustained because the market is close to saturation.

Consumption contributed 66.4 percent of China's gross domestic product (GDP) in 2015, up 15.4 percentage points from 2014.

Chinese Vice Foreign Minister Zhang Yesui and ROK's First Vice Foreign Minister Lim Sung-nam will co-chair the seventh high-level strategic dialogue scheduled on Feb. 16 in Seoul, said Hong.

First, we accelerated the reform of the budgetary management system. We transferred local educational surcharge and ten other items from the budgets of government-managed funds into general public budgets. We drew up management regulations for the budgets of central state capital operations, transferred more funds from such budgets into general public budgets, and established a mechanism for making transfer payments from the budgets of central government state capital operations to the budgets of local government state capital operations. We moved forward with medium-term financial planning. We made further progress in organizing and integrating special transfer payments, cutting the number of items from 150 in 2014 to 96 in 2015. We established a standardized mechanism for local governments to secure financing through bond-issuance, placed local government debt under budgetary management by category, and imposed ceilings for such debt. All local government bonds are now issued and repaid by their respective provincial governments. We enacted regulations and operational guidelines for the preparation of government financial reports, published basic principles on government accounting, and revised the general fiscal budget accounting system.

The government will improve the urban residence permit system to help the integration, ensure stable employment and safeguard the rights and interests of migrant workers, Li said in a letter to a ceremony held to honor migrant workers.