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China will waive income tax for foreign investors trading the country's new crude oil futures contract for three years so as to attract more overseas capital for the launch, the Ministry of Finance said on Tuesday.

China will step up international cooperation in epidemic containment and carry out strict quality supervision of its exported medical supplies, the group said, adding that ineligible exporters, those who failed to follow quality standards and those inflating the price of products and raw materials will be punished in accordance with the law.

China will mete out harsher punishment to operators of illegal school buses and those involved in related violations to guarantee the safe daily commuting of primary and middle school students and preschoolers, the Ministry of Education said in a notice released on Nov 11.

China's business environment showed one of the strongest improvements worldwide in the 12 months ending May 1 thanks to its robust reform agenda, the World Bank Group said on Thursday.

China will not give ground on issues of principle during bilateral economic and trade talks, which are clearly stated in a white paper on bilateral trade consultations issued earlier this month, MOC spokesperson Gao Feng told a press conference.