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China will abolish management rules on overseas financial institutions' investment in domestic organs, applying the same market entry and administrative approval policies for both Chinese and foreign investment, according to a statement from the China Banking and Insurance Regulatory Commission.

China planned to spend at least 2.7 trillion yuan on transport infrastructure projects in 2020, including 800 billion yuan on railways, 1.8 trillion yuan on roads and waterways and 90 billion yuan on civil aviation facilities, according to the ministry.

China stands ready to strengthen coordination and cooperation with Kenya to jointly safeguard the purposes and principles of the United Nations Charter, promote multilateralism, and oppose unilateral bullying, Wang added.

China removed import tariffs on cancer drugs from May 1 and lowered VAT from May 3. According to Voice of China, it is estimated that the moves will save patients about 1,000 yuan (5) a year on average.

China should contain the overall leverage ratio and raise the financial sector’s capability of serving the real economy to prevent and defuse major risks, the meeting urged.