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We should strengthen the multilateral trade system and conduct necessary reforms of the World Trade Organization (WTO) to make it more effective in implementing its principles of opening markets and promoting development, Xi said.

Meanwhile, the meeting stressed that the sufficient supply of agricultural products was crucial to expanding consumption and maintaining economic stability.

Premier Li pointed out that all debt-to-equity swap programs must be carried out in a market-oriented, law-based and category-by-category manner. Competent government departments should provide policy support and enhance inter-agency coordination.

Amid its revolutionary struggle and governance practices, the CPC has produced rich theoretic outcomes in the Party's self-reform, such as firming up ideals and convictions, exercising rigorous governance over the Party and subjecting itself to the supervision of the people.

"Trade wars are not a reasonable choice and will benefit nobody," he added.