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"Our efforts in pursuing market-oriented, law-based debt-to-equity swap in the past few years have paid off. Work on this front has come to a crucial juncture, and will play an important role in fostering an enabling business environment and energizing market vitality," Li said. "Without success of this endeavor, China's capital markets can hardly flourish."

Meanwhile, Xi met with Japanese Prime Minister Shinzo Abe with the two sides reaching a 10-point consensus to promote the development of bilateral relations.

The city will also push forward innovative application of "5G+4K/8K+AI" in important venues such as China International Import Expo and AI World Conference & Expo, as well as key transport hubs.

Participants exchanged views on the theme "Shared Vision for a Secure and More Prosperous CICA Region," held in-depth discussion on international and regional issues of common concerns, jointly planned for Asia's long-lasting peace and shared prosperity, and reached extensive consensus.

He also encouraged participants of the big data industry to reflect on the analysis provided by the High-Level Panel on Digital Cooperation launched by the UN, so that "we can create a digital world that we are proud to pass on to our children and grandchildren."