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China will further promote financing services for small and microenterprises this year based on two principles－keeping risks controllable and making the lending business commercially sustainable, said officials of the China Banking and Insurance Regulatory Commission on Friday.

China will endeavor to stabilize new car sales, loosen purchase restrictions in certain cities and invigorate the used-car market in a bid to unleash the consumption potential for cars, said Wang Bin, deputy director-general of the department of market operation and consumption promotion under the Ministry of Commerce.

China will implement measures to further boost domestic demand and deepen reform and opening-up this year, in an effort to deal with the rising uncertainties and disruptions from the COVID-19 outbreak, according to the country's top economic regulator.

China's central bank, the People's Bank of China, cut the one-year medium-term lending facility rate－a base to determine the new lending benchmark called the loan prime rate, by 0.2 percentage point to 2.95 percent. The drop was the largest within four years, and the new MLF rate hit the lowest level since its introduction in 2014.

China's asset management segment is set to expand fivefold to trillion by 2030, beating growth in other markets and benefitting local money managers, according to a report last week by Casey Quirk, a global consultancy services provider on asset management from the Deloitte stable.