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China plans to slap additional tariffs on 5,207 categories of US products with four levels of tariff rates — 25 percent, 20 percent, 10 percent and 5 percent. These tariffs will become effective if the US further hinders bilateral trade by renewing tariffs on more Chinese products, the commission said in a statement.

China will also significantly reduce enterprise contributions to social insurance schemes, he said.

China is willing to work with Vietnam to implement the consensus reached by leaders of the two parties and countries, and to expand cooperation between China and Vietnam under the framework of the initiative and the "Two Corridors and One Economic Circle" plan, he said.

China issued a first list of VAT reductions on rare-disease drugs last year that covered 21 drugs and four ingredients.

China is working to further align domestic rules with international practices to facilitate foreign institutions' derivatives trading in the country's interbank bond market, the China Foreign Exchange Trade System said on Wednesday.