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The DOC calls for states directly involved in territorial and maritime disputes to resolve their differences through peaceful negotiations and was signed by China and the Association of Southeast Asian Nations (ASEAN).

We will promote in a coordinated way reforms in the fiscal, taxation, finance, investment and other key areas. We have put in place a nation-wide reform to replace business tax with value-added tax. This major effort to cut taxes and lower the tax burden will facilitate the innovative development of modern service industry, SMEs and micro businesses. We will deepen the reform of the financial system, accelerate the improvement of the modern financial regulatory regime and increase the efficiency of financial services in supporting the real economy. We will also intensify reforms in SOEs, rural areas, investment and financing, foster a social credit system and unleash even greater vitality for economic development. The private sector is an important force driving economic development. We will do more to remove obstacles for private businesses, lift unreasonable restrictions on market access and strive to stimulate private investment.

"It won't do without innovation, nor will it do if the innovation is carried out slowly," Xi said.

"The SCO has become a popular and attractive organization in the region. Many countries around the world have expressed willingness to join it," he said.

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