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After the global financial crisis, the G20 has played an important role to bring together world leaders in crisis response.

"Now it is the time to test whether you are peacekeepers or troublemakers, " Wang said.

He said that the world's Gini coefficient has reached around 0.7, higher than the recognized alarm level of 0.6. Meanwhile global industrial restructuring has had its impact on different industries and communities.

By the end of July, capacity reduction in China's steel sector totaled just 21 million tonnes, or 47 percent of the annual target, Zhao said. This marked substantial progress, as China had only completed about 30 percent of planned cuts for the year by the end of June, but it is still far from the target.

Held on both land and sea, the drill is a routine one between China and Russia, and does not target any third party, according to Yang.