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Some CPC committees at SOEs failed to run the Party properly and some officials disobeyed the law to seek promotion via bribery. Problems have also been found in cadre selection, selling and buying positions and forming of cliques, Wang said.

BRICS countries alone have about 1 trillion U.S. dollars each year in infrastructure needs, according to World Bank's calculations. Such funding gaps also exist elsewhere. Foreign assistance is a tiny piece of it and they have to rely on their own resources.

This was the first time a group of Chinese company representatives met with their European counterparts at the headquarters of the European Commission "which sends an important political signal that both sides are committed to bolstering their existing ICT partnerships going forward," read a statement by ChinaEU, an international association promoting business ties between the two regions.

As China and the ROK completed their free trade agreement talks as well as China and the ASEAN agreed to upgrade their free trade agreement, Japan, a major world economy, lags behind in free trade arrangements in East Asia.

Extending greetings for his Russian counterpart Vladimir Putin, Xi said he looked forward to communicating with Putin and implementing their agreements.