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China will lift price controls over basically all goods and services in competitive sectors by 2017, according to guidelines released by the State Council.

"We need to effectively manage differences, earnestly implement the consensus on crisis management, make utmost efforts to avoid escalation of disputes, and create conditions for proper settlement of problems," Fan said.

Li also emphasized efforts to "correctly handle" the relationship between the government and the market so that streamlined government administration as well as good services and supervision can nurture a better business climate.

The platform will provide information on business matching, overseas financing, logistics, customs inspections and legal advice for bilateral enterprises, according to the secretariat.

China is willing to work with the DPRK to maintain high-level exchanges and political communication, promote economic and trade cooperation, enhance people-to-people exchanges and intensify collaboration in regional and international affairs so as to better serve the two nations and their peoples and to play a constructive role in safeguarding regional peace and stability, Liu stressed.