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"As digital payment, especially mobile payment, gets popular in the country, basic financial services are generally available in all urban and rural areas," Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC) said at the Singapore Fintech Festival.

The annual expo, and the business and investment summit between China and the Association of Southeast Asian Nations (ASEAN) will be held in Nanning, capital city of south China's Guangxi Zhuang Autonomous Region, Hua said.

China should focus on promoting high-quality development during its 14th Five-Year Plan period, Xi said. This is based on the scientific assessment of the country's development situations.

"We will continue to promote economic and social development while keeping the COVID-19 pandemic under control, ensure the continuity, stability, and sustainability of macro policies, and try to keep the economy operating within a reasonable range," said Li.

Noting that 2020 marks the final year of the 13th Five-Year Plan, the meeting said China has accomplished new historic achievements in economic and social development through sustained hard work over the past five years, with major targets and tasks listed in the plan to be completed soon.