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China must strengthen the leadership of the Communist Party of China over financial work, stick to the basic tone of seeking progress while maintaining stability, and respect the rules of financial development, said President Xi Jinping, at a two-day National Financial Work Conference that ended Saturday.

Consumption and service, together with the innovation-driven new economic sectors, are taking up larger roles in the economy, according to data from the National Bureau of Statistics (NBS).

Global growth continues to gather momentum, as both developed countries and emerging markets show stronger economic performance. However, grave challenges remain. Therefore, it is particularly important for the G20 to play its role as a premier forum for international economic cooperation, implement the consensus of the Hangzhou Summit and all previous summits and shape the future of the world economy. This is in the interests of all. China's expectation of the Hamburg Summit are the following:

Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission (CMC), made the remarks while addressing heads of major military research and educational institutions Wednesday.

The concept of supply-side structural reform was first mentioned in late 2015 and is now at the core of China's economic work, which includes the major tasks of deleveraging, destocking, cutting excess capacity, reducing costs and shoring up weak areas.