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This year marks the first time for Chinese President Xi Jinping to chair a BRICS summit.

This change to GDP structure exemplifies how far China's economy has come. Innovation and entrepreneurship are at the center of a new cosmos. It is easier than ever to set up a business, not just in terms of administrative procedures and government approval, but through a plethora of novel financing vehicles for start-ups.

"We should keep promoting entrepreneurship and innovation, and give full play to the initiative and creativity of the public. The R&D outcomes should be put to full use so that we can better draw on the wisdom of the public," Li said.

The executive directors also agreed that China needs further improvements in its fiscal and monetary policy frameworks in order to maintain economic growth and stability in the medium term.

Wang said that China will always take a responsible attitude in dealing with the South China Sea issue and that China will, on the basis of respect for historical facts and in accordance with relevant international law, solve disputes through dialogue and consultation with all parties concerned.