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To go in line with the development trends of fintech innovation, supervising technologies and regulations need to be developed, said Lu Shuchun, secretary-general of the National Internet Finance Association of China.

Despite the fact that the EU and China are different in political systems, as well as in historical and cultural backgrounds, the EU side is ready to carry out effective cooperation with China in the spirit of mutual respect, and jointly tackle global challenges so as to add more elements of balancing and predictability to the World, he added.

Xi said efforts should be made to ensure that China stays on the path of socialist rule of law with Chinese characteristics.

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.

He also called for expanding new areas of cooperation, such as health, culture and sports, and expediting cooperation on the research and development of vaccines and drugs.