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Since the 18th CPC National Congress in 2012, Xi put forward a series of new ideas, new thinking and new strategies to advance law-based governance in all respects.

"This year, China's economy is able to achieve positive growth. This is attributable to financial institutions' intensified support for micro, small and medium-sized enterprises," Li said. "The Central Economic Work Conference has underlined that necessary support for economic recovery shall be sustained, with well-calibrated and more effective policy operations."

Official data showed that foreign direct investment in Tianjin Binhai New Area, in actual use, reached 3.19 billion U.S. dollars in the first 10 months of the year, up 11.6 percent year on year. Nearly 300 foreign-funded companies were established in the area during the period.

Punishment against bad-faith acts shall be enforced in accordance with laws and regulations, to make sure that penalties are meted out commensurate with dishonest behaviors. Disciplinary measures taken against entities with serious dishonest behaviors that reduce their rights or increase their duties shall be based on facts of bad faith and on laws and regulations. Punishments should be appropriate and not be added or increased at will. Financial institutions, credit service agencies, industry associations, chambers of commerce and news media should not be forced to punish entities with serious acts of bad faith.

Xi's proposals to deepen solidarity and cooperation in jointly coping with COVID-19, prioritize people's livelihood by eradicating poverty and build a BRICS partnership on the new industrial revolution are "crucial," he added.