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China will stick to the timetable and plan unveiled in 2018 for the opening-up of financial sectors, said Yi.

China will have even closer connections with the rest of the world as its status in the global economy keeps rising, President Xi Jinping said on Monday, reiterating that the country will provide a broader market for other countries.

China's answer is clear: We remain committed to further opening up. This commitment boosts confidence in robust economic growth.

China's Finance Minister Xiao Jie (R) shakes hands with his Japanese counterpart Taro Aso during the sixth China-Japan bilateral finance dialogue in Yokohama, Japan, May 6, 2017. [Photo/Xinhua]

China will gradually cut the current 25 percent tariff on imported cars, the foreign ministry said in a news release on Thursday. It also said the government will initiate a pilot program before June 2018 that will relax foreign firms' ownership restrictions for new energy and special use vehicle businesses established in free trade zones.