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Peng Wensheng, chief economist with the China International Capital Corporation Limited, told the newspaper that the central bank is highly likely to slash interest rates soon, and may further cut banks' reserve requirement ratio as many as three times within the year in an effort to stabilize real economy.

Yakunin, who is also the president of the Russian Railways, told the session that "only a broad public movement will be capable of making practical progress toward the objective of broadening the domain of dialogue and transforming it into an effective international process."

To stabilize economic growth, the central bank last week announced cuts in benchmark interest rates for the second time in a month this year.

A report released separately by the Ministry of Agriculture on Tuesday showed that the average wholesale price of aquatic products across the country dropped 1.38 percent in July, compared with June. But the figure marked a 8.09-percent rise from last year.

The pharmaceutical excipient industry will undergo stricter scrutiny under the new rules, Yin said.