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The veterans received certificates and videos of their meritorious deeds were displayed at the ceremony.

The initiative reflects the "sincere and firm commitment of both parties to building together a common destiny even stronger and more prosperous," he said.

"China will continue to expand opening-up in technology and other sectors," Li said, vowing that the cooperation with the international society will only get wider.

The expansion in economic size also indicates a more influential role for China as a developing country on the global stage to reshape the world economic landscape and lead future growth.

Small-and-micro-sized companies are significant contributors to the Chinese economy, providing around 80 percent of employment, over 60 percent of GDP, and more than half of the tax revenue. Swift and targeted supportive policies should help avert widespread bankruptcies and large-scale layoffs, which are detrimental to Chinese society.