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China will defer income tax payments for small companies with thin profit margins, as well as individually-owned businesses, to help them resume business and production, said the State Taxation Administration.

China will, however, see increased iron ore imports in 2018, as the country closes small polluting mines to improve air quality, according to Lei Pingxi, chief engineer at the Metallurgical Mines Association of China.

China's average per capita disposable income grew 7.5 percent year-on-year deducting inflation, 1.2 percentage points higher than that for the same period last year.

China's bond market has seen robust growth in the first half of this year as companies and local governments speed up bond issuance to raise funds.

China will further reform and open-up to promote high-quality development while maintaining consistency in its macroeconomic policies, Li told about 1,000 guests at a welcoming banquet hosted by Singapore Business Federation and Singapore Chinese Chamber of Commerce and Industry.