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Policy tools such as overall and targeted cuts of required reserve ratios will be taken in a prompt manner to encourage financial institutions to channel more capital into inclusive financing, enhancing support for the real economy, small and micro firms in particular.

"I cherish the close friendship with President Xi," he said, adding that China means a lot to the Philippines and developing bilateral ties is a project lasting for generations.

Thirty years ago, ideal tourism resources were lacking, said Lu Guojun, a clerk with Shanghai Huangpu River Cruise Group Co., Ltd, citing the swaths of croplands along the eastern coast of the river which flows through the city center.

Malawi has for the past five years experienced various forms of disasters including floods that have over the years seen people displaced and crops washed away.

"The paper reiterated China's commitment to reject any form of hegemonism and underlined the defensive nature of the policy and of the military modernization," William Jones, Washington bureau chief of the U.S. publication Executive Intelligence Review, told Xinhua.