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China will implement a group of measures to cut value-added tax rates, ensuring that the tax burden on all industries will only go down, according to a decision made by the State Council's executive meeting presided over by Premier Li Keqiang on Wednesday.

China's A-share market closed higher on Monday, with the benchmark Shanghai Composite Index up 4.09 percent to finish at 2654.88 points.

China will establish a state financing guaranty fund, support leading innovative enterprises in going public, and extend nationwide the pilot preferential tax policies for venture capital investment and angel investment, Li said.

China's achievements over the past five years "are innumerable and unquestionable," she said.

China's National Medical Products Administration, which is part of the State Administration for Market Regulation, announced during an inspection in July that it found Changchun Changsheng Bio-tech Co, a major vaccine producer in Changchun, Jilin province, to have fabricated production records and that it committed other serious violations of the law in producing rabies vaccine.