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China stepped up efforts to open up the commodity futures market last year, making three futures contracts available to foreign investors so far, including crude oil, iron ore and purified terephthalic acid (PTA), a raw material for making plastics.

China set up the Belt and Road Initiative to exert influence and make new alliances with countries initially in Asia. But now the initiative is open to all the countries of the world — a world of closer cooperation with China.

China seeks to promote international strategic coordination with Russia, and to work for new fruits in the development of bilateral ties, he said.

China should continue to carry out renminbi exchange rate reform and the opening-up of China's capital account to press for renminbi internationalization, Xiao said.

China will adopt a host of policy measures to promote the scale and quality of the personal insurance sector and facilitate its steady development, in order to meet the public's diverse needs, the State Council's executive meeting chaired by Premier Li Keqiang decided on Wednesday.