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Second, measures should be taken to address the difficulty and high cost of financing for private firms. The financial market thresholds should be lowered to expand the fund-raising channels of private firms. Necessary financial aid should be provided for private companies that follow the direction of the country's economic upgrading and have good prospects.

Trump said during the conversation that he looks forward to meeting Xi during the G20 summit so that they can have an in-depth discussion about some major issues.

Describing the reform and opening-up as "a great revolution in the history of the Chinese people and the Chinese nation," Xi said a quantum leap has been made in the cause of socialism with Chinese characteristics.

After listening to the speeches of former Mexican President Ernesto Zedillo, former British Prime Minister Gordon Brown, former Prime Minister of Denmark Helle Thorning-Schmidt, former Greek Prime Minister George Papandreou and former Director-General of the World Trade Organization Pascal Lamy, Li answered their questions and gave his opinions.

Oversight over centrally-administrated companies, Party chiefs and presidents of colleges and universities is also being strengthened, he said.