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Market-oriented reforms in the energy sector should be further promoted, said Li, calling for widening market access in many areas such as oil and gas exploration and liquified natural gas receiving stations.

"China and Nepal are bound by mountains and rivers, and stay as close as lips and teeth," said the Chinese president.

Stressing that fairness and justice should be upheld to advance the reform of the international financial system, Wang said the G20 should continue to provide political guidance for the reform, push for the early launch and substantial progress of the International Monetary Fund's 16th general review of quotas, and increase the representation and voice of emerging markets and developing countries.

In order to help the world sail forward through wind and waves together, Xi has put forward the Belt and Road Initiative (BRI) and the vision of building a community with a shared future for mankind, two important components of what is known as "Xiplomacy."

The regulation has also set in a legal framework the requirement for building a world-class, market-oriented business environment governed by a sound legal framework. The Wednesday meeting required local governments and departments to swiftly issue supporting measures and bring all existing ordinances and normative documents in line with the regulation by revising or repealing any inconsistencies.