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He asked for more efforts in strengthening basic research and its application, stimulating vitality of innovators through reforms, and making research results better serve the economy and support the country's high-quality development.

The meeting of the leading Party members group of the 13th National People's Congress (NPC) Standing Committee was presided over by Li Zhanshu, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and chairman of the NPC Standing Committee. He delivered a speech at the meeting.

Li said China and Russia, as the biggest neighboring countries of each other, have been following a policy of good-neighborliness based on mutual respect with an eye on realizing mutual benefits and win-win results. He hailed the two countries' cooperation amid COVID-19, as well as the sustained and high-level development of bilateral ties led by the two countries' leaders.

China has also actively assisted downstream countries in formulating flood prevention and disaster reduction plans and delivered hydropower energy from the Lancang River to downstream countries such as Myanmar and Laos.

Securitization is the process of transforming illiquid assets, including outstanding loans and receivables, into securities, which frees up idle assets in the banking system.