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-- Social charity is almsgiving, which means they are non-governmental activities to help the vulnerable groups that are neglected by the government.

"We need to thoroughly understand the intrinsic nature of China's system of people's congresses; confidently uphold our unique characteristics; be fully aware of the essential differences between this system and Western capitalist countries' systems of political power," Wu said.

"We hope to expand on our strategic partnership with China, and in particular we hope to deepen the economic and trade ties between our two countries," he said.

Meanwhile, an originating bank of a rural financial institution is now required to hold no less than 15 percent of the stakes of such an institution, down from 20 percent, according to the CBRC.

The country will work to defuse local government debt risks and contain loan risks in the real estate sector, Shang Fulin, head of the China Banking Regulatory Commission, said in a statement posted on the commission's website.