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Monday's document said that all psychological and institutional obstacles must be broken to accelerate innovation-driven development to ensure mass innovation is brought into full play.

"China has huge potential of innovation now," Li said, adding that people's diversified needs, increasing market dynamics and the society's inclusiveness demand innovation.

We have made solid progress in key reforms. We formulated and implemented a coordinated plan for deepening the reform of the fiscal and tax systems. Important progress was made in the reform of the budgetary management and tax systems. The number of items receiving special transfer payments was over one third less than that of the previous year, and the proportion of transfer payments for general purposes was increased. Management of local government debt was strengthened. The floating ranges of interest rates on deposits and exchange rates were expanded. New steps were taken in the trials to establish private banks. The Shanghai-Hong Kong Stock Connect was launched on a trial basis. The scope for using foreign exchange reserves and insurance funds was broadened. Price reforms in energy, transport, environmental protection, and communications were accelerated. We launched reforms to the system for managing research and development funding, the school examination and enrollment systems, the household registration system, and the pension system for employees of Party and government offices and public institutions.

Meanwhile, the two leaders exchanged views on regional and international issues such as the 70th anniversary of the victory against Fascism, cyber security, the Iranian nuclear issue and the situation on the Korean Peninsula.

"For reform tasks which need the central authority to set the tone or draw the line, unified deployment should be made and a line should be drawn in a timely manner; For those which need the local agencies to explore ways and gain firsthand experience, the central authority should empower them to do so," it said.