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China will reduce the tariffs on soybean imported from India, South Korea, Bangladesh, Laos, and Sri Lanka from the current 3 percent to zero. Imported products such as chemicals, agricultural products, medical supplies, clothing, steel and aluminum products from these countries will also enjoy certain tariff reductions.

China's banking and insurance regulator said on Friday that it has approved the establishment of the first foreign majority-owned wealth management firm in China.

China's central bank made its first targeted cut to the ratio - a creative monetary policy tool - in April 2014, allowing county-level rural commercial and cooperative banks to lend more money by cutting their RRR by 50-200 basis points.

China's banking sector has worked to help combat poverty in various ways as the country is on its way to completing the building of a moderately prosperous society in all respects and eliminating poverty this year.

China will strengthen countercyclical adjustments in its macro policy, continue to implement proactive fiscal policy and prudent monetary policy, make preemptive adjustments and fine-tune policies at the right time, and ensure stable aggregate demand, the central regulators said at the conference.