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China will roll out policies to accelerate the commercialization of 5G, with radio-frequency plans and licenses for the fifth-generation mobile communication technology coming out "in time", the Ministry of Industry and Information Technology said on Thursday.

China will further open the banking and insurance sectors to foreign investors, and may even allow foreign institutions to set up wholly owned companies in China, according to the country's top financial regulator on Monday.

China will foster 10 leading enterprises of around 10 billion yuan each as well as more than 1,000 small and medium-sized enterprises in the sector by 2020. Key areas include equipment used for the prevention and treatment of air pollution, water pollution and solid waste, soil pollution and restoration, environmental monitoring and noise control, it said.

China will further intensify its proactive fiscal policy through a multipronged approach and strengthen the role of the financial sector in supporting the real economy to help businesses ride out difficulties, the State Council's executive meeting, chaired by Premier Li Keqiang, decided on Tuesday.

China will reform the QFII program and the yuan-denominated RQFII program, enlarging investment scopes of the programs, said Pan, who is also head of the State Administration of Foreign Exchange, the country's top foreign exchange regulator.