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Li Zhanshu, chairman of the National People's Congress (NPC) Standing Committee, presided over the meeting.

"The Belt and Road Initiative has great significance because it is a new approach to reach a new and open cooperation ... and everybody can participate in a win-win situation as an equal partner," he said.

Wang said establishing good-neighborly and friendly relations and creating a good surrounding environment on the basis of mutual understanding and mutual trust is an important condition for a country to achieve peaceful development.

To fulfill such targets, the country will accelerate the construction of IT infrastructures in rural areas, upgrading rural internet facilities and information services.

The new rules will also allow foreign banks to engage in agency collection and payment services, remove certain requirements on foreign insurance brokers to conduct insurance brokerage business in China, and ease the terms for foreign insurance companies to set up insurance institutions in China.