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Xi also said that officials should not be trapped in trivial matters, such as redundant examinations, paperwork and meetings, which cost too much time and aggravate the practice of formalities for formalities' sake and bureaucratism. He asked local authorities and departments to implement the instructions made by CPC Central Committee on addressing these issues.

The meeting was presided over by Wang Yang, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee and chairman of the Chinese People's Political Consultative Conference (CPPCC) National Committee.

The People's Bank of China, the country's central bank, announced that it will provide guidance for supporting bond issues of private firms by offering a part of the initial capital to financial institutions, and also increase the quotas of re-lending and rediscounts to ensure that targeted loans can be channeled to private firms.

"Holding China-Russia energy business forum is an important consensus reached between President Putin and myself, with a goal to facilitate direct dialogue between companies from both sides, extensively explore cooperation opportunities and accurately synergize cooperation demand," Xi stressed.

China announced a series of measures to further open up its economy, including broadening market access, easing foreign equity restrictions, lowering automobile import tariffs and increasing imports. The number of free trade zones has risen to 12 in five years.