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China released a host of financial opening-up measures last week, partly to attract more institutional, long-term investors into China's capital market.

China will advance the construction of 150 major water conservation projects in 2020-2022. These projects are expected to increase the storage capacity for flood control by 9 billion cubic meters and the annual water supply capacity by 42 billion cubic meters, said Su Wei, an official with the National Development and Reform Commission.

China plans to eliminate 100 million to 150 million tons of crude steel capacity in five years from 2016, and 500 million tons of coal. After the process around 1.8 million employees will no longer be needed, official data shows.

China recently announced a series of opening-up measures, including expanding the daily quotas for the mainland-Hong Kong stock connect programs and allowing foreign brokers to hold a majority stake in securities joint ventures.

China targets an annual economic growth of around 6.5 percent for 2017, down from the 6.7 percent pace recorded in 2016.