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China will continue to roll out new measures to elevate its economic opening-up to a higher level, Foreign Ministry spokeswoman Hua Chunying said at a daily news briefing in answer to a reporter's question about the World Bank study on Thursday.

China will also intensify punishments for violators of product quality standards and establish a blacklist system, the guideline said.

China successfully met its target of reducing 45 million tons of steel production capacity and 250 million tons of coal production capacity last year, leading to a price increase of steel and coal products. Meanwhile, the country has managed to reduce commercial housing stock by 23.14 million square meters and lower the overall corporate asset-liability ratio by 0.4 percent. However, the country's overall enterprise leveraging level, or debt-supported social financing to GDP ratio, rose by eight percent, according to the institute's calculations.

China on Friday said new rules governing insurers' investments will come into force on April 1, and the same will focus on governing the way funds are invested by insurers and on improving risk control.

China will accelerate the improvement of the system of its socialist market economy and will fully unleash the "decisive role" of the market in resource allocation to ensure high-quality development, a senior official said on Friday.