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With members representing more than 85 percent of global economic output and two-thirds of the world's population, G20 has an undeniable influence on managing the global economy.

China is willing to promote the ARF to make more contributions to regional peace and stability through more dialogue and cooperation with all parties, Wang said.

According to Chen's report, in the last five years, the government has spent 10 billion yuan (about 1.5 billion U.S. dollars) on improving the infrastructure and teaching quality of 100 colleges and universities in the central and western regions.

In recent years, Britain's exit from the European Union and Greece's debt defaults have stressed the urgency for pushing structural reforms of global financial governance to conduct any financial rescue caused by political and economic uncertainties.

"Now is the time to revise the regulation, and we should grasp this opportunity," it said.