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China is implementing a national big data strategy centered on building the country's strength in cyberspace and nurturing a digital China and smart society, which will aid the transition of the country's economy from high-speed growth to high-quality development, Xi said.

China is promoting encryption techniques to go “all domestic” to insure financial security while paving the way to introduce the nation’s own digital fiat currency, according to an expert.

China has spared no efforts to carry out supply-side reform and fight against financial market irregularities by better regulating high-risk institutions to make overall risk manageable, officials of the China Banking and Insurance Regulatory Commission said on Thursday.

China is also willing to work with other countries to safeguard free trade and push for "positive and practical" results at the G20 Leaders' Summit in Buenos Aires, Gao Feng, the ministry spokesman, said at a news briefing.

China is ready to boost coordination with Argentina over its hosting of the Group of 20 Leaders' Summit in Buenos Aires later this year and to help make the summit a success, President Xi Jinping said on Friday.