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Russia’s initiative on the development of cooperation among the BRICS countries’ antimonopoly agencies is aimed at creating effective mechanisms to encourage healthy competition. The goal is to create a package of cooperation measures to work against the restrictive business practices of large multinational corporations and trans-border violations of competition rules.

China supports the EU to be "united, stable, prosperous and open," Xi noted during the visit, urging both sides to actively make efforts to build a partnership featuring peace, growth, reform and civilization.

Behind policy documents and bold statements lies a world-class information infrastructure. Since 2015, internet speeds have risen relentlessly and data charges have fallen in tandem. There are now 888 million 4G users in China.

The conference also said the central bank will play a stronger role in macro prudential management and guarding against systemic risks.

Li made the remarks at a meeting with government officials and executives of state-owned enterprises, private firms and financial institutions Friday.