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China will also expand effective investment, Li said. An increase of 1.6 trillion yuan (3.6 billion) of local government special purpose bonds, together with the issuance of special treasury bonds for COVID-19 control this year, will support investment in new infrastructure facilities, new types of urbanization, and key projects that contribute to better lives for people.

China is working hard to boost the production of masks, which are urgently needed to contain the novel coronavirus pneumonia outbreak, and the output has been growing rapidly, according to the country's top economic regulator.

China issued local government bonds worth 219.5 billion yuan (.41 billion) in the first quarter of this year and made bonds issuance the sole legal way local governments to raise debt amid the nation's efforts to forestall systemic financial crisis, the finance minister said.

China opposes the unjustified crackdown on Chinese companies by the US, which violates its self-claimed status as the champion of market competition and international trade rules, he said, adding that the practice will damage the interests of investors from various countries, as well as the interests and image of the US itself.

China will continue to expand global communication and cooperation in the industrial internet sector, which is fast becoming the go-to sector for innovation in the country, senior officials said on Tuesday.