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China plans to renovate twice as many old residential communities this year to improve living conditions, spur investment and shore up economic growth.

China launched a new round of debt-to-equity swap programs in 2016, aiming to reduce debt ratios by allowing creditors to take equity stakes in place of debt repayments, to avoid pushing debtors into default.

China to maintain consistency of macro policies, coordinate pandemic efforts

China will also loosen foreign ownership limits to 51 percent in securities, fund management, futures and life insurance companies over the next few months, and the capital cap will be totally eliminated in three years, Yi said.

China strongly opposes actions that violate resolutions of the United Nations Security Council, Xi said, adding China hopes that the parties concerned will exercise restraint and avoid actions that aggravate tensions on the Peninsula.