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After decades of reform and opening up, Chinese people's lives are getting better. The country is expected to make new historical strides in 2018 as the country marks 40 years of reform and opening up to the world.

-- The latest round of healthcare reform began in 2009, with "healthcare for all" as its core objective. All public hospitals have joined a program to end 60-year practice of drug price markups. Basic medical insurance now covers 1.35 billion people, 95 percent of the population.

Li said China is ready to give play to the advantages of complementarities to deepen cooperation in agriculture, finance, technology, people-to-people exchanges, and dealing with climate change.

Chinese Foreign Minister Wang Yi has revealed highlights of Xi's speech including unveiling new prospects for reform and opening-up, interpreting the new era of China's development, making new proposals for the future, promoting new progress in partnership, and injecting new impetus for BFA development.

"Imagine a person who is unable to read or write today, you would not be able to operate in society. The same I think is happening with financial literacy," Lusardi said.