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China urged the United States on Friday to revoke its decision to impose immediate, steep tariffs on imports of foreign steel and aluminum products, which the Ministry of Commerce said would seriously disturb global trade.

China should deepen the supply-side structural reforms, achieve enterprise transformation through real market demand and promote the survival of the fittest to form a benign market, instead of relying too much on the policy incentives, Yao said.

China sales in April reached 14,724 cars, up 20.8 percent as compared with the same month last year. In the first four months of the year, however, sales declined by 15.6 percent, compared with the same period last year.

China will continue to deepen financial supply-side structural reform and improve the policy environment to provide higher-quality and more effective financial services to small enterprises, according to a white paper released by the CBIRC earlier in late June.

China is working on transforming its IPO approval system into one based on registration, which will allow the bourses to take over IPO approvals and clear the backlog of waiting companies.