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China can stabilize employment, reduce tax to increase residents' income, and invest more money in education, healthcare and elderly nursing to allay people's concerns for the future, said The Paper, quoting Zhang Jun, economist with Morgan Stanley Huaxin Securities.

China has been an exception to the Olson trap. Following intense study, consultation, and regional tests, China's government has been able to implement policy reforms that have enabled the process of economic upgrading. The Fourth Plenum's push for strengthened and formalized rule of law is the next essential step in the long process of economic growth and institution building.

China has also been innovative in urban transformation. This is aimed at optimising urban functions and promoting industrial upgrading. Take for example the relocation of non-capital functions out of Beijing. This will stimulate coordination between the Capital and nearby Tianjin Municipality and Hebei Province in the development of the triangular region called the Xiong'an New Area. It is the latest example of coordinated, balanced and sustainable regional development driven by innovation and aiming at high-quality growth.

China has conducted four rounds of inspections since January 2015, and all 31 provincial regions will be covered by the end of 2017, officials said.

China has been Russia's largest trading partner for years, and Russia is China's major source of cutting-edge machinery and other high-tech imports.