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China will press ahead with an action plan aimed at upgrading consumption by encouraging the provision of better quality goods and services to the public, officials and executives decided at a meeting in Beijing on Thursday that was organized by the Ministry of Commerce.

China's 2 trillion yuan (1 billion) tax and fee cut plan continued to pull down government income in October, pushing officials to expand non-tax revenue and maintain stable fiscal spending to support economic growth, according to the Ministry of Finance.

China's automobile industry is gradually recovering from the novel coronavirus outbreak and the number of cars on the country's roads would overtake that of the United States by the end of this year, senior industry officials said on Thursday.

China will strengthen efforts in regulating local government debts, giving more prominence to controls over hidden debt risks, the vice-minister of finance said on Friday.

China will take multiple measures to stabilize pork supplies and prices, including expanding quality imports and releasing frozen pork reserves, the Ministry of Commerce said on Thursday.