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China praised Germany's position over Article 15 in the protocol on China's accession to the World Trade Organization, saying it hopes to see Germany continue to play a positive role on the issue.

China stands ready to work with Japan to blaze new paths and foster greater highlights for pragmatic cooperation and jointly move forward with the regional integration process, President Xi Jinping said on Wednesday.

China must reform its existing tax system, which gives local authorities a greater share of the tax income, as the aggressive tax cut program and economy-boosting spending has increased fiscal deficits, said analysts.

China launched new rules on insurance asset management products on Wednesday to unify regulatory standards for such products and encourage insurers to better serve the real economy by injecting long-term funds into capital markets.

China produces around 80 percent of the world's supply of rare earths. However, the country's rare-earth industry faces problems such as smuggling, illegal mining and production, lack of innovation and environmental protection issues.