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China will reduce or cancel tariffs on certain imported goods and materials starting in 2021 in a bid to expand imports, boost the domestic market and support the formation of high-standard free trade areas under the country's new "dual-circulation" development paradigm, according to the Ministry of Finance.

China will enhance efforts to address infringements and counterfeiting, especially on export products, and improve cross-border law enforcement cooperation as well as daily supervision of major fairs and commodity distribution centers, Sun added.

China's GDP growth next year is expected to be stable at 6.3 percent, despite headwinds, according to the Chinese Academy of Social Sciences, and economists suggested that the country should continue to press ahead with structural reforms to boost growth.

China's benchmark Shanghai Composite Index closed up 0.03 percent at 3,173.15 points on Friday, while the smaller Shenzhen Component Index closed 0.43 percent lower at 10,314.35 points.

China's A-share market has long adopted the approval-based system, and the country's top regulators decided to push ahead the registration-based IPO reform in 2013. The reform will soon start from the STAR Market.