A State Council meeting Wednesday said the country will build an economic belt along the Yangtze River, which involves around one-fifth of the country's land and 600 million people, according to a statement on the central government's website.

The establishment of a modernized logistics system by 2020 is also on the government's agenda, according to the statement. Efforts will be made to cut logistics costs and foster large logistics companies.

The meeting also decided to cut value-added tax for certain taxpayers, including some water suppliers and hydro power companies, which will save over 24 billion yuan ($3.84 billion) for them each year.