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China's Taobao Villages are distributed across 28 provinces, autonomous regions and municipalities. While most of them cluster in the eastern region, particularly in Zhejiang, Jiangsu and Guangdong provinces, they've started to spread to the midwestern and northeastern regions, going from 172 shops in 2019 to 341 so far this year.

China will roll out a guideline on intensifying administrative punishments for legal breaches of the financial system, step up efforts to enhance the quality of audits, and promote the smooth transformation of asset management business, the statement said.

China will host the Belt and Road Forum for International Cooperation in Beijing from May 14 to 15.

China's Ministry of Commerce also described ending trade controls on Chinese solar panels as a successful model of resolving trade frictions through consultations, adding it will restore China-EU trade of solar panels to normal market conditions and provide a more stable and predictable business environment for both industries to realize win-win results.

China will ease restrictions on foreign investment, including a further opening-up in sectors such as services, manufacturing and mining, according to a news release issued after a key Party meeting on Tuesday.