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China has been a strategic partner and top buyer of abundant oil and gas resources from Russia and Central Asia. Support from Chinese financial institutions such as the China Development Bank also helped deepen bilateral cooperation, she said.

China has asked State-owned financial institutions to remain focused on their main business and eliminate unnecessary operational hierarchies, while stepping up efforts to prevent risks from the inappropriate transactions of affiliates and false capital injection, the Ministry of Finance said on Wednesday.

China has a "people's mediation" method to resolve disputes outside judicial proceedings. The Law on Mediation, which went into effect in 2011, established people's mediation committees in villages, urban communities, businesses and public institutions.

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 has announced a cut on corporate contributions to the old-age pension, unemployment and workplace safety insurance funds by at least 500 billion yuan (.3 billion) this year. [Photo/Sipa]