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China will merge the China Banking Regulatory Commission and the China Insurance Regulatory Commission to form a new organization that will more efficiently manage the two sectors, under a draft plan for State institutional reform released on Tuesday.

China will push for greater reform, opening-up and innovation to keep the Chinese economy running in a reasonable range for high-quality development this year, Premier Li Keqiang said at a plenary meeting of the State Council on Monday in Beijing.

China will establish unified and transparent market access rules and boost reform in the commercial registration system to improve market access, according to the 2016-2020 plan released by the State Council in January this year.

China's cereal output consists of early rice, summer grain and autumn production-which includes corn, and middle- and late-season rice, and accounts for three-quarters of the year's grain production.

China will stick to the path of peaceful development and push forward the building of a peaceful, safe, prosperous, inclusive and beautiful world to help people of the globe enjoy the fruits of human civilization, Xi said.