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China's central SOEs have beaten government-set targets of reducing 59.5 million tonnes of steel capacity, said Shen. As of September, these companies had also cut 23.88 million tonnes of excessive coal capacity.

China's accelerated steps in further opening its financial sector will draw more foreign banks and firms and will give a major boost to local market efficiency and vitality, according to economists and financial experts.

China will lift foreign ownership limits on securities, fund management and futures companies by the end of this year, a year ahead of the schedule, said the State Council's Office of Financial Stability and Development Committee last year when it announced 11 measures to further expand the financial sector's opening-up. The central government also allowed foreign asset managers to partner with subsidiaries of Chinese banks or insurers to establish foreign-controlled asset management companies.

China will ensure the effectiveness of the monetary policy to keep reasonable liquidity in the economy and will fully unleash the potential of investment to boost growth, according to a meeting of the country's financial authority.

China will keep implementing effective measures, enhance research and development on related vaccine and build a mechanism with long-term effects to strive for the eradication of the disease. Meanwhile, efforts will be made to balance epidemic prevention and control with live pig production and industrial transition to ensure stable supply.