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China expects to solve the problem of renewable energy waste by 2020, he said.

China has played an important part in the Asia-Pacific Economic Cooperation Economic Leaders' Meeting, which was established in 1989 to facilitate economic cooperation among the 21 economies currently in the Asia-Pacific region.

China calls on all parties to support the improvement of inter-Korean ties, and take concrete efforts to facilitate peace talks, said Xi, noting that China will continue to play constructive role on the issue and work with all parties, including the DPRK, toward the thaw of the situation on the peninsula.

China had over 80 million small stores by the end of 2019, creating jobs for about 200 million people.

China has been tightening controls on the financial sector since the second half of last year to prevent such potential risks as rising debt levels from worsening and possibly affecting overall financial stability. While analysts said that is necessary, it has brought concerns that it could dampen normal economic activities and be a drag on growth.