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China will facilitate emerging consumption models, represented by online shopping, and will remove institutional barriers for the industry's growth and revive pent-up demand amid the epidemic control efforts, said Ha Zengyou, a senior official with the National Development and Reform Commission.

China's central bank subsequently allowed the yuan to fall against the dollar.

China would like to make joint efforts with Russia to strengthen high-level trust and expand cooperation in all areas to pass on the China-Russia friendship to more generations, President Xi Jinping said on Friday.

China will establish systems to subject such violators to more severe punishment, including hefty fines and compensation for consumers, Zhang Mao, minister in charge of the State Administration for Market Regulation, said. Violators will have all fake or substandard products identified, confiscated and destroyed, he said.

China will give priority to industries that are strong drivers of the economy, such as vehicle manufacturing and electronics, in the resumption of work after suspensions due to the novel coronavirus outbreak, the Ministry of Industry and Information Technology said.