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Investment from the European Union dropped 22.1 percent to $2.58 billion, with that from Association of South-East Asian Nations (ASEAN) countries falling 22.3 percent to $2.54 billion.

The ratings will come in nine levels, which are AAA, AA, A, BBB, BB, B, CCC, CC and C. The AAA rating indicates an extremely low default risk, with C suggesting inability to repay debts

An optimal combination of policy tool will be used in macroeconoic control, and China will focus more on "targeted adjustment" — instead of big stimulus — to achieve the annual growth target of about 7.5 percent

China first implemented an export tax rebate system in April, 1985 as a way to enhance the country’s competitiveness in foreign markets by eliminating double taxation on exported goods.

China's foreign trade slowed in the past few months. Exports dropped 2.3 percent in the first four months to $680 billion

From June 17 this year, China will adopt a system of "limited approval" and "general registration" instead of the existing "all-round approval" mechanism.

The PBOC emphasized that the banks should improve their housing finance services and give priority to loans for first time homebuyers while keeping a closer eye on the associated risks.

Promulgated in 1984, the law has already been amended twice in 1996 and 2008, but the law has weaknesses in areas which include inadequate efforts, high enforcement costs and insufficient sanctions for violations.

China plans to build a national property registration system in about three years and make it operational for information sharing and queries in four years

China will raise the dividend payout ratio of many central State-owned enterprises starting this year by 5 percentage points to as much as 25 percent of profits, the Ministry of Finance said in a statement on Tuesday

Private investment to play bigger role in rail, harbor, energy sectors.

April's PMI reading was at 48.3, flat with earlier expectations and up 0.3 percentages from a month ago.

Foreign direct investment (FDI) into the Chinese mainland edged down 1.47 percent in March, the first monthly drop in over a year.

The nation's GDP growth stood at 7.4 percent from a year ago, the lowest level of the last 20 quarters.

The central government has pinned its hopes on the Shanghai FTZ to test policies for national financial reform and to better prepare China for regional free-trade frameworks, such as the Trans-Pacific Partnership.

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