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China's 10-year treasury bond futures open higher on Aug 14, 2020. [Photo/Sipa]

China will further improve its business environment by halving the time required to start an enterprise and launch construction projects, the State Council decided on Wednesday at an executive meeting chaired by Premier Li Keqiang.

China's business environment has been further optimized. In 2019, it is estimated that it will reduce logistics costs by 80 billion yuan in the transportation sector, and reduce taxes and fees for civil aviation by 9 billion yuan.

China will step up efforts to accelerate free trade port construction this year, a further step to build on the success of free trade zones across the country, the Ministry of Commerce said.

China will maintain a flexible renminbi exchange rate and push forward reform of the foreign exchange regime, Pan Gongsheng, vice-governor of the central bank, said at the China Development Forum 2019 on Monday.