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The country has shown its support for the manufacturing sector by giving it the biggest VAT rate reduction of 3 percentage points, according to Yang. "The manufacturing sector serves as the key to stabilizing employment in the short term and a core aspect of a country's economic competitiveness."

The construction of 67 key projects－including a high-speed railway and an expressway linking Beijing and Xiongan－are underway, Hebei Governor Xu Qin said in an annual government work report.

The council also signed agreements with its counterparts in Hong Kong and Macao during a forum in Zhuhai, Guangdong, on Friday for building a mechanism for the quick handling of consumption disputes, all-round cooperation in protecting consumer's rights and information sharing.

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The conference, titled "Diplomatic, Economic, Academic and Cultural Days", was held under the aegis of Bulgaria's presidency of the Council of the EU.

The coronavirus has been spreading faster in recent weeks in California. The state has recorded more than 2 million cases since the start of the pandemic, making it the first state in the nation to reach that milestone.

The cooperation between banks and third-party institutions in the online lending business is an effective way to make loans more accessible for small and medium-sized businesses and reduce their financing costs, experts said.

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The country will continue to adopt a prudent and neutral monetary policy and a proactive fiscal policy in 2018.

The country will accelerate the opening up of the insurance industry, ease restrictions on the establishment of foreign financial institutions in China and expand their business scope, and open up more areas of cooperation between Chinese and foreign financial markets.

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The country plans to relax the foreign equity ownership, while expanding the negative list to ensure an equal and convenient business environment among all players, the premier said.

The country was also hit by droughts which affected 4.07 million people and 640,000 hectares of crops as of early June.