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China's baby formula market is estimated to rise to 133.7 billion yuan by 2020, according to Euromonitor International, led by overseas brands such as Nestle, Mead Johnson Nutrition, Beingmate and Danone.

China will step up efforts to broaden market access for foreign investors into its financial sector and to create a predictable and fair business environment for all market players, vice governor of the central bank said on Wednesday.

China will continue to support the multilateral governance system, especially under the framework of the Group of 20 to facilitate inclusive growth, innovation and cross-border infrastructure investments, said the former deputy minister.

China will cut tariffs on consumer goods and enhance bank financing to boost imports and ensure more stable economic growth, senior commerce officials said on Thursday.

China's black soil, spanning Heilongjiang, Liaoning and Jilin provinces and part of Inner Mongolian Autonomous Region, is one of the three largest black soil areas in the world.