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China will launch a new three-year renovation plan to address housing in rundown urban areas, starting with construction of 5.8 million units this year.

China will introduce more regulatory measures to support businesses and ensure employment apart from increasing credit loans to smaller firms and promoting medium-to long-term lending to the manufacturing sector, the central bank said on Wednesday.

China will extend the global reach of its laws and promote international cooperation on the rule of law, Minister of Justice Fu Zhenghua said recently.

China's banking and insurance regulator on Friday issued a revised regulation on foreign insurers, which allows foreign life insurers to own a controlling stake in their joint ventures, paving the way for the removal of ownership restrictions next year.

China's central bank and the CBIRC took over the Inner Mongolia-based commercial bank in May last year due to its "serious credit risks."