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China's Geely Auto and Swedish brand Volvo Cars, both subsidiaries of Zhejiang Geely Holding Group, are planning to merge their businesses, a move that is expected to create the country's first truly global and most valuable carmaker.

China's Ministry of Commerce also described ending trade controls on Chinese solar panels as a successful model of resolving trade frictions through consultations, adding it will restore China-EU trade of solar panels to normal market conditions and provide a more stable and predictable business environment for both industries to realize win-win results.

China will continue to tighten the supervision and prevent imported epidemics, Yu said.

China will increase imports and cut import tariffs on some products to promote balanced trade, according to the Central Economic Work Conference.

China's bike-sharing pioneers are gearing up to compete globally, with arch-rival Mobike previously telling Bloomberg News it wants to enter 100 cities with several foreign locations already in the works. But the flood of bikes has led to angst among China's local governments and anger from residents. The services typically allow users to park the bikes wherever they like, jamming up the sidewalks.