China will provide better support for small and medium-sized enterprises (SMEs) by simplifying how funds are allocated, the Ministry of Finance (MOF) said on Monday.

China's consumer price index (CPI), a main gauge of inflation, increased 2.4 percent year on year in March, up from 2 percent in the previous month, official data showed on Friday.

A new policy to allow trade service companies to apply for tax rebates or exemptions for export goods will help expand trade growth and encourage domestic small and medium-sized enterprises to better tap the international market, industry insiders said.

China's benchmark Shanghai Composite Index plunged heavily on Monday after weak economic data triggered concerns over further economic growth slowdowns.