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China unswervingly sticks to the path of peaceful development, Xi said, and it has been and will be a champion of world peace, contributor of global development and supporter of international order.

China started to mediate on the Korean nuclear issue and host talks in 2003, at the United States' sincere request. As a developing country, China upholds its five principles of peaceful coexistence. On the Korean nuclear issue, which has a direct bearing over regional security, China's position is to strongly oppose nuclear proliferation. Upon taking up its role as a mediator, China firmly requested the Democratic People's Republic of Korea (DPRK, commonly referred to as North Korea) to stop its nuclear weapons development while requesting other concerned parties, especially the U.S., to address the DPRK's legitimate security concerns. But the deep mistrust between the U.S. and the DPRK made it very hard for any consensus or agreement made during the years of negotiations to be effectively implemented.

China will allow a higher ratio of nonperforming loans made to micro-sized and small businesses and lower the financing costs for such businesses to boost entrepreneurship and innovation, the State Council decided at an executive meeting on Wednesday.

China vowed to keep its prudent monetary policy "neither too tight nor too loose" while maintaining market liquidity at a reasonably ample level in 2019.

China will also carry out phased evaluations of the business environment across the country and offer further incentives for better performers. The 28 steps to improve the business environment that have worked well in some regions will be disseminated to encourage competition in the quality of business environment across the country.