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First, we should boost BRICS cooperation to create new impetus for economic growth of our five countries. In recent years, thanks to our strengths in terms of commodities supply, cost of human resources and international market demand, our five countries have driven global growth. As our five economies continue to grow, however, issues concerning resources allocation and industrial structure have become more acute. At the same time, the global economic structure is going through profound changes, evidenced by shrinking global demand and rising financial risks. All this has posed challenges to the traditional strengths of the BRICS economies, taking us to a crucial stage where we must work harder to overcome difficulties.

At the meeting, China's 15 major motorcycle producers reached consensus on reaching these targets.

To give the inspection teeth, the State Council has promised extra commendations and resources -- funds, projects and land -- for local governments that are doing well.

"Our company dealt with non-performing assets mainly in private enterprises and helped them gain profit through measures including acquisition and asset reconfiguration," Yao said. "There are no grounds for these claims of embezzling state assets."

During a meeting with Martin Schulz, chairman of the Social Democratic Party (SPD) of Germany, Xi said both China and Germany, as two major economies in the world and influential major countries in international affairs, have achieved significant development in bilateral relations since they established diplomatic ties 45 years ago.