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Prevention of financial risk is key for China in what policymakers called the "three tough battles," namely controlling risk, reducing poverty and tackling pollution.

Any official exchange between the United States and Taiwan under any excuse is a violation to the one-China principle and the three joint communiques between China and the United States, and an intervention in China's internal affairs, Geng said.

Li said that while this round of tax cuts is targeted at small and micro businesses to spur innovation, the whole economy stands to benefit. Though being the biggest job providers, small and micro businesses have long had difficulty in accessing affordable financing. Supporting their development is critical to ensuring employment.

Premier Li stressed the importance of getting the priorities right. "Our tourism sector is falling woefully short at the moment. Efforts are needed to make the services at destinations and payment methods more overseas tourist-friendly. The possibility of two-way opening up in emerging services should also be fully explored."

President Putin is scheduled to pay a state visit to China on June 8-10 and attend the Qingdao Summit of the Shanghai Cooperation Organization (SCO), said Wang.