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Fourth, we promoted coordinated development between regions and the new type of urbanization to expand development space.

In his report, Yu pointed to the "supply-side reform" -- a popular notion that includes reducing ineffective and low-end supply championed by Chinese President Xi Jinping -- and to a new set of development philosophy as policy options at hand to respond to the slowing economy.

Xi stressed that preparing for the Winter Olympics and Paralympics is a systematic project which needs to draw on wisdom and resources from all walks of life.

The Chinese vice premier stressed China's willingness to promote high-level coordination and push forward joint national projects in such fields as infrastructure and energy under the framework of the Silk Road Economic Belt and the 21st-Century Maritime Silk Road initiative.

China will continue to implement proactive fiscal policies and prudent monetary policies, while stepping up supply-side structural reforms to power growth, according to a statement released after the meeting, chaired by President Xi Jinping.