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Wang made the remarks while speaking to reporters, following his meeting with Ethiopian Foreign Minister Workneh Gebeyehu on Thursday in Ethiopia's capital Addis Ababa.

The Party must fully recognize the intensity and severity of the dangers of a lack of drive, incompetence, disengagement from the people, inaction, and corruption, he said.

This year marks the 40th anniversary of its reform and opening up, which China commemorates with more concrete moves to open and overhaul its economy.

Xi said China supports peace appeals of the people in the Middle East, supports efforts of the countries in the region on reform and transformation and appreciates Saudi Arabia's active efforts to maintain regional peace, stability and development.

"We assess that it will enter the late-cycle phase at sometime in the first half of this year," Elga Bartsch, chief economist at the institute, said Thursday while briefing the report themed the global economy and 2019 outlook.