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However, statistics show potential risks are looming as the debt ratio of some provincial governments has surpassed the level of 100 percent.

A statement will also be made on regional economic cooperation, reiterating support for regional development strategies including the China-proposed initiative on the construction of the Silk Road Economic Belt and the 21st Century Maritime Silk Road, or the Belt and Road Initiative.

BEIJING, Jan. 8 (Xinhua) -- Chinese Foreign Minister Wang Yi and his South Korean counterpart Yun Byung-se held a telephone conversation Friday to exchange views focused on the Korean Peninsula nuclear issue.

"We support the establishment of branches in each other' s countries by qualified financial institutions from both sides, and multi-sector operation cooperation, as well as strengthened exchanges and cooperation between regulators," the paper said, noting that China welcomes the Arab countries to join the Asian Infrastructure Investment Bank and their active role in it.

Moreover, as of December 2015, 19 meetings by the Central Leading Group for Deepening Overall Reform had been held, all presided over by Xi.