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As the Chinese become affluent, their "itchy feet" have taken them all over the world. Last year, more than 100 million people traveled abroad and the number of visitors rose 10 percent in the first six months of this year. And wherever the Chinese go, they shop.

Xi noted that China hopes to contribute to world athletics by hosting the biennial world championships, saying the country will continue to support the world athletics movement and to make greater contribution in the future.

We live in the same globalized world. Like passengers riding in the same boat, we all have a stake in each other' s future. To promote global economic recovery is our common task. The international community should work together and increase coordination in order to advance structural reform and push for an improved multilateral trading regime that is free, open and non-discriminatory. China is committed to peaceful development and a win-win strategy of opening-up. We will work with all countries to promote inclusive and balanced growth and green and sustainable development. Together, we could build a community of common interests and development and create an even better future for mankind.

Li said that the real economy will be upgraded for better quality and greater efficiency through faster depreciation rate in machinery, textile, light industry and automobiles sectors and more investment channeled towards technical transformation of traditional industries. Corporate R&D innovation will be encouraged by way of extra tax deduction for R&D costs and revision of the Administrative Measures for Determination of High and New Tech Enterprises. Wider application of green, energy-efficient and low-carbon products will be encouraged, and more sectors could plug in the "Internet+" initiative to foster new growth areas. As each sector becomes more vibrant, the stability of the overall economy will be built on a more solid basis.

"China is willing to work with ASEAN to build consensus, deepen cooperation, manage differences, and make the South China Sea a place embodying peace, friendship, and cooperation," Hua said.