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Third, we need to look at the prospect of the economy for the long run. China has become the world's second largest economy, but its per capita GDP is still at the middle level in the world. There is both a gap to fill and a potential to tap, especially in China's central and western regions, where we see huge space and room for development. China is now in the process of industrialization and urbanization. There is strong impetus for reform and much space for expanding domestic demand. Development is resilient, and the tools are many to boost innovation. The fundamentals of the Chinese economy have stayed unchanged and will remain sound in the long run.

Despite a lower growth rate of 6.9 percent last year, China is still an international driving force as the world's second largest economy undergoes a transformation from an investment-led model to a more balanced and sustainable one.

He also called for the authorities to crack down on insider trading and establish a market stability fund. "The government should overhaul the financial market in the way it fights corruption," he said.

At least 20 people lost their lives as a result of the severe tropical cyclone, authorities announced Monday.

Highlighting supervision and evaluation, the statement stressed that all departments should ensure plans are well documented, and any mistakes or deadline breaches are dealt with accordingly.