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Li said innovation is crucial to supply-side structural reform and will boost China's competitiveness. He called for innovation "in every field and stage of economic and social development."

As for the financial sector, Li said China will continue to develop its capital market and enhance supervision to prevent systemic, regional risks.

The bank was designed specifically to "tackle the challenges and meet the current and emerging needs of its broad shareholder and stakeholder base." It aspires to "exercise exemplary organizational performance and corporate governance, and to deliver timely, cost-effective and sustainable infrastructure financing and services to our clients -- always mindful of the need to protect the natural and human environment," Jin said.

Although the arbitral tribunal has announced its so-called final award, the decision won't have any serious consequences, Croatia's former President Stjepan Mesic told Xinhua on Wednesday.

The two countries should advocate disputes settlement through friendly consultations and peaceful negotiations and be committed to establishing a new type of international relations featuring reciprocity and cooperation, so as to safeguard international peace and development.