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China will step up its efforts this year to expand overseas companies' access to the country's telecom and internet market, with more businesses open to overseas capital, amid the ongoing push to further drive forward opening-up, analysts said.

China will raise foreign ownership limits in domestic financial firms and grant foreign investors greater access to the financial services market of the world's second-largest economy, a top official said on Friday.

China's banking sector will continue to see stable development this year but the banks may face slower profit growth and rising pressure on their asset quality, a report said on Wednesday.

China will stay committed to advancing reform. Reform is the fundamental driver of China's development. China will only speed up its market-oriented reforms. We will not slow down the pace of reform, let alone turn back. The Chinese government will continue to streamline administrative approval procedures, provide more efficient services, and slash the time required to start a business, get a permit or go through customs clearance. We will introduce tax cuts on a bigger scale and meaningfully lower fees, including the social security contribution rate. The reform to transform state-owned enterprises (SOEs) into standard companies and joint-stock companies has been basically completed. China's SOEs, many of which are publicly listed, run their operations in an open and transparent manner. It is entirely up to them to make their own business decisions, and they are responsible for any profits or losses. They do not enjoy any special subsidies.

China's automotive industry is poised to recover to the level of the previous year in 2020, the country's top economic regulator said on Wednesday.