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China's second major fiscal reform arrived in 2014, through an amendment to the Budget Law of 1994. One of the key outcomes was overhauling budget reporting, including a requirement for central and local authorities to publish four budget accounts. That amendment represented a big step forward in transparency, experts said.

China's supply of rare earths accounts for around 80 percent of the global supply, so the country's output affects the international prices of the raw material. Both China and the rest of the world have produced an inadequate supply of rare earth this year.

China's proactive fiscal policy, which has stabilized economic growth over the past five years, aims to boost investment, consumption and support structural reforms, experts said.

China's trade with countries participating in the Belt and Road Initiative continued to gain momentum, rising 10.8 percent to 9.27 trillion yuan in total.

China's top State asset regulator urged centrally-administrated State-owned enterprises to create more job opportunities for college graduates, migrant workers and residents in poor areas this year to help return the epidemic-hit economy to normalcy.