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BEIJING, Dec. 9 (Xinhua) -- China will adopt a host of policy steps to promote the scale and quality of the personal insurance sector and facilitate its steady development, to meet people's diverse needs, the State Council's executive meeting chaired by Premier Li Keqiang decided on Wednesday.

"We must monitor the complexity and spill-out effect of their business risks, defuse risks timely and forestall new, hidden troubles brewing systemic risks," he said.

"It is totally within China's sovereignty to improve governance on Hong Kong, crack down on criminals, and curb foreign interference in Hong Kong affairs," he added.

In the face of COVID-19 and economic challenges, the leaders called on all countries to step up macroeconomic policy coordination and work together for global recovery in the post-COVID-19 era.

China has been committed to opening up in economic and trade fronts, which has shown its consistent support to multilateralism, said Song Chaolong, deputy dean of the School of Marxism at Peking University. "Safeguarding multilateralism is particularly important as it has charted the course for the international community to tackle global challenges and enhance cooperation."