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Government spending and tax-reduction should be directed to rural-related issues and small and micro-sized enterprises, focusing on stabilizing prices and improving people's livelihoods, so as to create a favorable environment for enterprises, technological innovation and restructuring, he said.

To facilitate international use of the yuan, China has expanded cross-border trade settlements in yuan and planned to allow foreign direct investment (FDI) in yuan-denominated funds obtained overseas.

"By March 8, average crude oil prices in the Brent, Dubai and Cinta markets had risen by 8.92 percent over 22 working days, but the NDRC did not announce the price hikes, as China's annual parliamentary session was being held," said Hu Huichun, an oil market analyst from SCI, a leading commodity information portal.

However, the move came as a surprise as the two companies had been engaged in a bitter rivalry involving allegations of copyright misuse and unfair competitive practices.

The epicenter was monitored at 22.8 degrees north latitude and 120.8 degrees east longitude with a depth of 20 kilometers, according to the CENC.