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Ant's hit product Alipay, a digital wallet designed for settling payment on shopping sites of Alibaba Group Holding Ltd, has now extended new functions like lending, credit-scoring and on-demand services that many of its 870 million users globally rely on.

Answering questions about economic and financial issues, Vice-Premier Liu He on Friday reiterated China's basic economic system and the crucial role of the private sector.

Apart from reducing leverage and liabilities, efforts should also be made for incremental economic benefits. According to Xiao, it is necessary to supplement equity capital through multiple channels to further enrich the capital. "This year, we will also revitalize assets, highlight the real economy and main business. In addition, we must strictly control various risks, especially overseas investment risks, to further reduce the debt ratio and total debt, and keep risks at the minimum level."

Apart from building a sound domestic consumption environment, Xian Guoyi, director-general at the ministry's department of trade in services and commercial services, said the government will study and formulate a negative list for cross-border service trade in 2020.

Another such line in Chengdu, capital of Sichuan province, is also in the planning process, said Zhai.