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Second, we need to jointly promote economic growth. Emerging economies and developing countries now account for 40% of the global economy. They once contributed up to two thirds of the growth of the world economy, and played a major role in the global efforts to tackle the 2008 financial crisis. But things have been tough over the past two years, as some of them have experienced significant economic slowdown and even negative growth. Asia, which is home to the largest number of emerging economies, has on the whole maintained a strong growth momentum. Last year, the growth of developing economies in Asia reached 6.5% and accounted for 44% of global growth. Therefore, Asian nations should enhance confidence, foster new impetus of growth from within, and stimulate vitality to play a bigger role for economic recovery not only in this part of the world but also globally. It is our hope that countries in the world will join hands to deepen cooperation, form synergy, strengthen macro-policy coordination, oppose trade protectionism of all forms, adopt more growth-friendly policies, and try to avoid the spillover effect of the policy adjustments in certain countries. China proposes establishment of an Asian Financial Cooperation Association, and China stands ready to work with all parties to improve Asia's financial market and prevent massive regional financial turbulence from happening again.

To fix this, the government will open the market wider to private capital and loosen restrictions on foreign enterprises, while encouraging innovation among all firms, said Zhao.

Instead of questioning China about "militarizing" the region, the U.S. should reflect on its own behavior. Stopping patrols, drills and reconnaissance will be the right way for it to serve its own interests and others.

Friday's hearing, at the Intermediate People's Court in Chuxiong Prefecture, drew a large audience including judges and procurators from the Supreme People's Court (SPC) and local courts, social workers from women's federations, as well as law students.

Commenting on the downward pressure faced by BRICS economies, Wang said economic slowdown is not a unique problem of the BRICS members, but a problem worldwide.