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BEIJING, May 1 (Xinhua) -- China plans to unveil a slew of new measures to further open up its financial markets in order to improve the sector's management and competitiveness, according to the country's top banking and insurance regulator.

The Silk Road Fund, to which China contributed 40 billion dollars initially and an additional 100 billion yuan (about 15 billion U.S. dollars) later to support the Belt and Road projects, has signed contracts to provide financing for 19 projects.

While readjusting tax policies to support the financing of SMEs and reducing their tax burdens, the country will increase financial support for innovation and entrepreneurship and consolidate the protection of intellectual property.

By 2020, significant progress will have been made in the building of the pilot zone in Hainan, where the proportion of days with good air quality in cities remains above 98 percent, and the annual average concentration of fine particulate matter, or PM2.5 (particulate matter less than 2.5 micrometers in diameter), are not higher than 18 micrograms per cubic meter, according to the document. Energy consumption per unit of gross domestic product will decrease by 10 percent compared with 2015, and carbon dioxide emissions per unit of gross regional product will decrease by 12 percent compared with 2015, it adds.

Xi shook hands with the representatives, asked them about their work and lives, and took a group photo with them.