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China's average per capita disposable income stood at 25,974 yuan last year, which rose 7.3 percent year on year, faster than GDP growth, NBS data showed.

China will start to renovate 39,000 old urban residential areas this year, benefiting some 7 million households, according to guidelines released previously by the State Council.

China will focus on leveraging its institutional advantage and creating a more consistent and institutionalized rule of law to upgrade its growth model and build a high-standard and open economic system. It's a focus that became more clear after a recently concluded key Party meeting laid out the goal of modernizing the country's socialist market economy and its economic governance capacity, experts said.

China will slash import tariffs for automobiles and vehicle components starting July 1 as part of its efforts to further open up the world's largest car market, the Ministry of Finance said on Tuesday.

China's EV market is burgeoning as the country works to tackle its pollution problems. This has led to the Beijing government offering incentives to encourage investment in and development of zero-emission EVs.