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China will cut taxes on commercial endowment insurance expenses for individuals in Shanghai, Fujian province and the Suzhou Industrial Park through pre-tax deduction starting May 1.

China will take multiple measures to continue tackling financing difficulties faced by the private economy and micro and small companies – a critical problem that has weighed on economic growth and market vitality, Li said.

China's GDP expanded 6.9 percent year-on-year to 59.3 trillion yuan in the first three quarters, holding steady from a 6.9-percent growth in the first half despite a slightly slower 6.8-percent increase in the third quarter, official data show.

China will continue with the policy which allows small and micro-sized businesses to postpone principal and interest repayments on inclusive loans in the first quarter of next year, and will extend the policy period appropriately, according to the meeting presided over by Premier Li Keqiang on Monday.

China's AI sector will be worth 9.1 billion yuan by 2020 and it will rise by more than 50 percent year-on-year.