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The report noted that China was ahead of the rest of the world in moving from, "intensive viral suppression to economic recovery."

The regulator will give banks and insurers the impetus to better support capital market construction and encourage them to play a bigger role in increasing the portion of direct investment among total investment, he added.

The report of the National People's Congress (NPC) Standing Committee was submitted to the third session of the 13th NPC for deliberation. Li Zhanshu, chairman of the NPC Standing Committee, delivered the report.

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The report said there were 940 million internet users in China by the end of June, with about 381 million using it for educational purposes, 276 million for medical care and 199 million using it to work remotely. The number of hosts and viewers of e-commerce livestreams reached 309 million, up 44.3 million compared with three months earlier, it said, adding that it was the fastest-growing internet application.

The report by IDC comprehensively analyzed the AI industry in China, and noted AI technology applications have already become the inner driving force for a company's development.

The report said China has also managed to make some regulatory achievements to control financial risks. "Broad credit growth slowed from a pace of more than 20 percent to the low tens on a clampdown on shadow banking activity. In asset markets, policymakers reined in surging house prices, stabilized the currency after a volatile 2015-16, and oversaw a steady equity rally," the report said.

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The remarks came after the United States Secretary of State Mike Pompeo claimed on Tuesday that China is committing very significant human rights abuses against Uighur Muslims and other minority groups in mass detention.

The report concludes with what a Chinese businessman, who had spent more than 40 years in Nigeria, told Jayaram over a lengthy dinner.

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The report estimated that the compound annual growth rate of China's executive recruitment industry from 2016 to 2020 will be about 20 percent and the market size may reach about 100 billion yuan by 2020.

The remaining 424.6 billion yuan of taxes and fees were reduced as a result of the implementation of a larger scale of tax and fee cut policies rolled out last year.