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China has spent the last two years trying to cool skyrocketing home prices -- a major source of public complaint -- by introducing a raft of tightening measures such as bans on third home purchases and property tax trials.

By 2015, some 95 percent of the population will be covered by medical insurance, and insurance for work-related injury, unemployment and maternity will benefit 210 million, 160 million and 150 million people, respectively, Hu added.

As of the end of 2012, around 200 companies traded on the New Third Board, and analysts expect the scale to accelerate in 2013 with the new developments. But they also pointed out that more innovative policies are needed to stimulate activity on the board, which has been sluggish.

The data showed the tax revenue from wage-earners dropped 8 percent year on year, while that from individual business owners declined 12.5 percent. In contrast, combined revenue from income tax on interests, dividends and bonuses grew 14.7 percent.

Most northern areas will see temperatures drop by four to six degrees Celsius, with temperatures down by eight to 10 degrees Celsius in some parts, the National Meteorological Center (NMC) said in a press release on its website.