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The funds are expected to effectively support the development of the high-tech manufacturing sector, the upgrading of conventional industries, household and public consumption and infrastructure investment, Huang said.

The fund is expected to be launched first in a pilot province, because China needs to accumulate experience while at its early stage in green finance development, according to the official.

The fourth plenary meeting of the first session of the 13th National People's Congress (NPC) is held at the Great Hall of the People in Beijing, March 13, 2018. [Photo/Xinhua]

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The government is likely to stay on course for a neutral monetary policy in 2018 and will not become more stringent than this year in order to stem a slide in economic growth, according to researchers of a leading think tank advising the government.

The government attributed the drop to the weakening of non-dollar denominated currencies against the greenback and lower asset prices. Cross-border capital flows and transactions remained stable.

The fund will be invested into major projects related to sanitation, infrastructure construction and ecological protection in the area, according to the National Development and Reform Commission (NDRC).

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The government will also further promote the nationwide implementation of the random inspection method, in which law enforcement targets and enforcement officers are randomly selected and inspection results are made public, to improve the efficiency of oversight and to avoid arbitrary inspections causing disruptions to business operations, the statement said.

The fourth plenary session of the 19th Central Committee of the CPC stated clearly to improve institutional arrangements and policies and measures to promote cross-Strait exchanges and cooperation, deepen integrated development and guarantee the well-being of Taiwan compatriots, said Wang.

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The giant project was launched on day two of the ongoing Dubai Investment Week by Meraas with China's Alibaba Group and China Financing and Investment Property Corporation (CFIPC).

The garrison has won Hong Kong people's hearts with its low-profile presence, growing openness and continuous care and respect for the local community, he added.