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China's top securities watchdog has pledged more efforts to improve the quality of listed companies, vowing to improve corporate governance, bolster the mechanism for exiting the market, and toughen punishment for illegal acts.

China's top legislature will work to amend laws close to people's daily lives next year to enhance their sense of fulfillment, happiness and security, a senior legislator said.

Chinese Foreign Minister Wang Yi and his counterparts from the Association of Southeast Asian Nations (ASEAN) made the pledge at a meeting in Manila.

China's tax and fee cuts will bring benefits to the country both in the short and long term, as it not only reduces corporate burden and helps stabilize employment but also optimizes economic and income distribution structure and promotes sustainable fiscal spending, Li said.

China's total services imports are expected to reach .5 trillion over the next five years, which would account for more than 10 percent of the world's total services imports, the report said.