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China will continue to advance high-quality development of the manufacturing industry, expand the domestic market and support the growth in areas including the Internet of vehicles, NEVs, cruise ship building and winter sports facilities manufacturing, according to Miao.

China will advance green development and promote harmony between people and nature, according to a communique released after the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China in late October.

China is way beyond the point that its economic model should be based on low-wage manufacturing of low value-added consumer goods for export. Its institutions, infrastructure, and technology are now near world-class and are improving rapidly. Plus, wages rose rapidly over the last decade, so Chinese consumers have the wherewithal to support the country's industry.

China will also work to better protect intellectual property rights and further promote the use of negative lists for a more convenient and equitable policy environment for overseas investors, the premier stressed. Negative lists specify areas where investment is prohibited — all other areas are presumed to be open.

China plans to abolish the requirement that domestic insurance companies have to own at least 75 percent stake in insurance asset management joint ventures, the country's top insurance regulator said on Saturday.