China committed to effective foreign investment law: Premier Li Keqiang

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China's population above 60 years has touched 420 million and that of children over six years to 100 million, putting heavy pressure on nursing services and day care centres, Chinese Premier Li Keqiang said on Friday.

The ruling Communist Party maintains that Taiwan is part of China and says it seeks "peaceful reunification".

China is facing "downward pressures", Premier Li Keqiang admitted Friday as he announced plans to boost market vitality with a new foreign investment law backed by tax cuts to stabilise growth in the world's second-largest economy amid a bruising trade war with the US.

China must "prevent a tide of unemployment", Li said.

But alluding to parts of the new law that allows Beijing to retaliate against countries that it views as having discriminatory or restrictive provisions against Chinese investments, Mr Li said he hopes Chinese firms will also receive fair treatment overseas. Earlier this month, a hike in tariffs was put on hold because of promising progress, but US officials have recently noted that "major issues" remain.

He also projected the new foreign investment law approved by the NPC in the shortest possible time could be a main driver of growth in future.

As for growing fears about spying activities by Chinese companies, Li dismissed them, saying that is "not the Chinese way".

Huawei, the biggest global maker of network gear for phone and internet companies, has denied accusations it facilitates Chinese spying.

Her father is the company's founder, Ren Zhengfei, a former engineer in the People's Liberation Army.

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Trump is demanding China to reduce the Dollars 375 billion trade deficit, provide legal protection for intellectual property rights (IPR), technology transfer and more access to American goods to Chinese markets.

Speaking to reporters at the close of China's annual parliamentary session, Mr Li listed concrete steps the government would take in the coming months to give teeth to a law that some have said has been rushed out largely to assuage U.S. concerns.

To help finance the tax cuts, the government would need to tighten its belt, Li said.

Li, however, ruled out the possibility of introducing drastic measures like quantitative monetary easing, which has been carried out in some advanced nations including Japan, saying such tactics have only a limited positive impact.

Li expressed confidence Beijing can achieve its annual growth target of 6 to 6.5 percent.

Li said the government hopes to create 13 million jobs this year, the same as last year.

Li said that while frictions exist and will continue between Washington and Beijing, shared interests between the two countries far outweigh their differences. Their second February 27-28 summit in the Vietnamese capital Hanoi ended without a deal.

But during Li's news conference in Beijing, Russia's Tass news agency and the Associated Press reported that a senior North Korean official said at a press conference that Pyongyang is considering suspending denuclearization talks with the United States.