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To reduce restrictions on the new economy, China will step up the process of approving, revising and abolishing laws and regulations, and allow local authorities to implement their own rules to test new business models in low-risk sectors, including logistics, education and tourism.

The central bank reiterated Friday in a quarterly report that it will implement a prudent and neutral monetary policy while keeping liquidity basically stable.

This year, new forms of red packets such as "face-to-face and AR red packets" were adopted. Lin Yuwen, a Beijing resident, said he distributed red packets totaling 1,200 yuan (175 U.S. dollars) on Friday, almost double the amount last year.

The country should also improve national education system to make all religious people better educated, some advisors said.

China is look forward to the upcoming visit by Prime Minister Hun Sen to Beijing for the Belt and Road Forum for International Cooperation in May, said Yang.