China next year will measure its gross domestic product (GDP) using purchasing power parity (PPP), an internationally accepted methodology, Beijing-based financial news portal Caing.com reported recently.

Consumer prices surged 4.4 percent year-on-year in October, a 25-month high, stoking inflation fears and making further monetary tightening more likely following Wednesday's reserve ratio hike.

The yuan will become one of the three major global settlement currencies in five years, the HSBC Group estimated.

Each household with permanent residence registration in Guangzhou will be offered 150 yuan in cash subsidies for commuting purposes after local authorities scrapped a move to make public transport free ahead of the upcoming Asian Games.

"Because the United States' issuance of dollars is out of control and international commodity prices are continuing to rise, China is being attacked by imported inflation. The uncertainties of this are causing firms big problems," Chen was quoted as saying by the Xinhua news agency.

China plans to invest 5.74 trillion yuan by 2020 in building an all-round social welfare system to enhance people's livelihoods, according to the China Development Research Foundation, a government think-tank.