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A report submitted to the session reveals that local government debt risk is controllable overall.

"The priority, path, order and methods of reforms should be worked out to make sure the reforms precisely satisfy the demand of local development as well as people's expectation," Xi added.

Heads of Governments have noted the necessity to continue involving observer states and dialogue partners, as well as partner international organizations in practical activities in economic, humanitarian and other fields, including the framework of the SCO Business Council and the SCO Interbank Consortium.

The Asian economy and regional cooperation are currently on a sound track, Hong said, adding that peace, cooperation and development have become trends of the times and represent the common aspirations of people around the world.

During their meeting at the Zhongnanhai leadership compound in central Beijing, Li spoke highly of China-U.S. education cooperation, hailing the academic exchanges and the personnel training between Columbia University and China on law education and other areas.