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China will not significantly cut its subsidies for new energy vehicles this year, as part of its efforts to stabilize market expectations and ensure the healthy and sustainable development of the industry, the country's top industry regulator said on Saturday.

China will launch a new three-year renovation plan to address housing in rundown urban areas, with 5.8 million units to be constructed this year, according to this year's government work report.

China's Belt and Road Initiative is drawing on a new type of regional strategy that can lead to "Globalization 2.0," said a renowned Chinese expert on international relations.

China's banking sector will continue to see stable development this year but the banks may face slower profit growth and rising pressure on their asset quality, a report said on Wednesday.

China will speed up developing several strategic emerging industries, including new-generation information technology, biotechnology, new energy, new materials, high-end equipment, new energy vehicles, environmental protection, aerospace, and marine equipment, according to the document.