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"The regulator should toughen supervision on banking and insurance products and enhance protection of consumer interests," he said.

To develop rural areas with thriving businesses, pleasant living environments, social etiquette and civility, effective governance, and prosperity, more focus should be put on fostering modern industrial, production and business operation systems, Xi said.

Merkel is on an official visit to China on Thursday and Friday. Besides Beijing, she will also fly to Shenzhen in southern China's Guangdong Province.

Lavrov said that Russia fully agrees with China in its thoughts about the current international situation and is willing to strengthen coordination with China in multilateral mechanisms such as the SCO, BRICS cooperation, the Group of 20 and the United Nations.

However, it should be noted that it takes time to resolve the structural problems in the bilateral economic and trade ties, he said.