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He said China will promote financial reform, making the financial sector better serve the real economy and aid industrial transformation and upgrading.

Yu called on all members to provide opinions and suggestions to carry out the reform while presiding over a meeting held in Beijing by the Standing Committee of the 12th National Committee of the CPPCC.

A pioneer in China's budding capital market, he grossed his first barrel of gold through trading treasury bonds and then invested in the burgeoning stock market. In the late 1980s, he became a millionaire when most Chinese earned about 1,200 yuan (194 U.S. dollars in current rate) a year.

In the meantime, China will promote the convertibility of the yuan under capital account, introducing "more options" other than the current offshore yuan businesses, he said.

China looks to tap its mass urbanization to facilitate economic upgrading and sustainable growth, as the recently-concluded key reform meeting of the Communist Party of China called for more market participation in accelerating the country's human-oriented urbanization.