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China's 25 leading excavator makers sold a total of 20,939 excavators last month, up 51.3 percent year-on-year, according to the China Construction Machinery Association.

China will implement the new foreign investment law starting from Jan 1 next year so as to provide a better investment environment for foreign investors, Wang added.

China's automobile tariffs were significantly reduced to 25 percent by 2006 after its accession to the WTO in 2001, a relatively low rate for a developing economy.

China will cut import tariffs on some consumer products by 9.6 percentage points beginning in December, as a measure to satisfy increasingly diversified domestic demand and to facilitate the consumption upgrade, the Ministry of Finance said on Friday.

China's Belt-and-Road Initiative has encouraged greater cooperation with other nations. "We have signed 54 tax agreements with Belt-and-Road countries,"Wang said.