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"We will promote establishing and perfecting the finance safeguarding mechanism of the SCO. China is willing to establish the mechanism at an early date so as to serve the economic construction and regional development of SCO members," Hu said.

To Xing, the direct trading agreement is also a major step for the internationalization of the Chinese currency. "Before the Chinese yuan becomes an international currency, it should be a regional currency first."

As for the "spirit", Li told the newspaper to give more focus on scientific development and the transformation of the economic development pattern, on the reform and opening-up, and also on the socialist fundamental economic system as well as the socialist market economic system.

However, there is still a long way to go for China to become truly city-based, it argued, as the majority of migrant workers and farmers-turned-city dwellers find it hard to blend into urban life, and most Chinese cities lack distinguished features and cultures.

WUHAN/SHENYANG/BEIJING, Aug. 6 (Xinhua) -- Twenty-three people have been confirmed dead and nine others remained missing after typhoons Damrey and Saola tore through China's eastern coastal regions over the weekend, local authorities said Monday.