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"As major world economic powers, China and the United States have great influence over the recovery process of the world economy," Li said.

BEIJING, May 7 (Xinhua) -- China's private wealth market continued to grow over the past year, as personal investable assets hit 80 trillion yuan (12.89 U.S. dollars) in 2012, a bank report said on Tuesday.

Assistant Foreign Minister Zheng Zeguang and Vice Finance Minister Zhu Guangyao told a press briefing on Friday that China is ready to make joint efforts with the U.S. to achieve positive results on the basis of mutual respect and win-win cooperation.

During that summit, Xi and Obama reached a consensus on seeking to build a new type of major-country relationship based on mutual respect and win-win cooperation, instead of rivalry and confrontation. The consensus has chartered the course for future development of the China-U.S. ties, and the fifth S&ED will be the first concrete step in implementing it, Cui said.

While attending the Bo'ao Forum in April, Minister of Finance Lou Jiwei said there are many loopholes in the social security fund system that are waiting to be fixed.