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The government will also further cut taxes and fees for companies to reduce "institutional transaction costs," Li said.

Sun Chunlan, head of the United Front Work Department of the Communist Party of China Central Committee and president of COFA, also attended the meeting.

Since joining UN peacekeeping operations in 1990, Chinese troops have been deployed 24 times, with over 36,000 personnel dispatched. A total of 2,506 Chinese peacekeepers are currently on UN missions in eight locations around the world.

China cannot develop in isolation from the rest of the world, Xi said. And China is willing to work with Russia to advance bilateral relations to achieve more tangible fruits so as to benefit the two peoples as well as people from all other countries.

According to the new plan, the decision to launch the pilot supervisory reform across the country on the basis of experiences in these three areas is a major strategic move to implement the spirit of the just concluded 19th CPC National Congress and promote strict Party governance.