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China welcomes foreign institutions with expertise in risk management, pension management, consumer finance, wealth management and health insurance, Huang said.
China kicked off the commercialization of 5G services on Oct 31, with China Mobile and two of its smaller rivals rolling out their 5G data plans. In just 10 days since then, Beijing has accumulated more than 40,000 5G subscribers.
China plans to apply 5G technology to terminal devices as early as the second half of 2019, according to the Ministry of Industry and Information Technology.
China will also significantly reduce enterprise contributions to social insurance schemes, he said.
China set a goal of reducing steel capacity by 50 million metric tons in 2017, and will continue its drive in 2018, according to the National Development and Reform Commission, the country's top economic regulator.