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China will allow a higher ratio of nonperforming loans made to micro-sized and small businesses and lower the financing costs for such businesses to boost entrepreneurship and innovation, the State Council decided at an executive meeting on Wednesday.

China last week launched its first national fund to guide efforts to boost the service trade, based on innovation and sustainable development, and to push economic transformation, the Ministry of Commerce announced on Monday.

China is upgrading its manufacturing sector to improve competitiveness and create new growth momentum.

China should rebuild its image as a country with high-quality goods to cement its position as the second largest economy in the world, she added.

China is willing to make joint efforts with the Republic of Korea to push bilateral ties back onto a normal track as soon as possible, President Xi Jinping said on Friday as the two sides sought to repair relations damaged by the ROK's deployment of a US missile defense system.