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BEIJING, Aug. 17 (Xinhua) -- Meteorological authorities Thursday warned of possible geological disasters in southwestern China as heavy rain is expected in the region.

"Mobile payment companies were worried about their future just four years ago, but the spread of technology has exceeded the imagination of almost everyone," said Li Gang, a professor at the Tencent Research Institute.

The dialogue will focus on deepening cooperation and promoting common development, and a statement will be released on the outcomes achieved on implementing a sustainable development agenda, promoting South-South cooperation, building partnerships and improving global governance.

Recent plans require great improvements in efficiency and quality of regulation, with more resources diverted into weak areas. Direct financing will be prioritized while indirect financing will be improved through the transformation of major state-owned banks and by making better use of smaller banks and private financial institutions.

Xi stressed that cooperation with Africa should be proposed, agreed and led by Africa, and be aligned with Africa's own development plans.