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The phrase was first coined by President Xi Jinping in 2014.

Despite recent drops, China still holds the world's largest foreign exchange reserve, which is a powerful weapon and can be used to cushion financial volatility.

Policies should solve problems faced by small and medium-sized firms in financing, market access and public services, Yu told a political advisors' panel discussion.

Zhang Tie, a senior editorial writer at the People's Daily, told Xinhua that it is the responsibility of all the media run by the CPC to uphold and spread the "mainstream voice" of society, especially as society becomes more diversified and opinions vary.

China also pledged to provide 60 billion dollars in financial assistance to Africa, including 10 billion dollars for a China-Africa production capacity cooperation fund.