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We will boost mass entrepreneurship and innovation, and increase the supply of public goods and services, he said.

Hua turned the first floor of his home into a classroom to save on rent, but even so, he needs another 8,000 yuan (about 1,300 U.S. dollars) every month to keep the school going.

The president acknowledged that the emerging market countries and developing countries are encountering growing risks and challenges and are going through economic slowdown, as the world economy is still in a period of profound adjustment after the international financial crisis, which led to increasing instabilities and uncertainties.

"The Chinese side also expresses serious concern over the practice of the incumbent Philippine government in making a fanfare about the South China Sea issue and instigating contradictions between the Chinese and Filipino people," Hua said.

It says China will also continue to improve the confidence-building measure (CBM) mechanism for the notification of major military activities as well as the rules of behavior for safety of air and maritime encounters, so as to strengthen mutual trust, prevent risks and manage crises.