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Xi also underscored the importance of persistence in strengthening intra-Party supervision, urging Party organizations at various levels to be bold and serious in Party supervision and "cracking hard nuts."

Based on intra-Party regulations on accountablity and disciplinary penalties as well as Li's violations of Party discipline, Li faced punishment, including being placed on probation in the Party for two years and demotion, according to the statement, adding that Li will not serve as a delegate to the Party's 18th National Congress.

He was also held accountable for serious corruption in Jiangxi Province, where he was Party chief between 2007 and 2013, according to the Communist Party of China (CPC) Central Commission for Discipline Inspection (CCDI).

Investor sentiment improved as China announced better-than-expected January trade data.

In particular, the Belt and Road Initiative proposed by the Chinese president has been participated in by more than 100 countries and international organizations, while the Asian Infrastructure Investment Bank, with 57 member states, has started operation.