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As China's economy enters the "new normal," featuring slower growth but higher quality, it is important to use both the invisible and visible hands to synergize market forces and government functions, for efficiency and fairness, Xi advocated.

Currently, China's banking, securities and insurance industries are under separate regulators. As the financial market evolves, the boundaries of some financial services become blurred, leading to both overlapping regulation and supervision vacuum.

The Chinese president expressed the hope all parties concerned will, proceeding from the general situation of maintaining peace and stability on the Korean Peninsula, deal with the current situation in a sober-minded way and always adhere to the right direction of dialogue and consultation, adding that the Chinese side is willing to continue maintaining communication and coordination with the South Korean side with respect to issues of the Korean Peninsula.

When China was founded in 1949, it was a big but poor agricultural country, with a mostly rural population; since reform and opening-up in 1978, urbanization has accelerated.

We have been conscientiously putting into practice the CPC Central Committee's eight-point decision on improving Party and government conduct and the State Council's three-point decision on curbing government spending, rigorously controlling general expenditures, and have achieved a reduction of 11.7% in the central government's budgetary expenditures related to official overseas visits, official vehicles, and official hospitality as compared to 2014. We improved regulations on practicing thrift and opposing waste, strengthened the management of meeting venue selection, and made adjustments to standards for business travel and accommodation expenses of Party and government organization workers. We improved standards for basic expenditure quotas, moved faster to develop a system of standards for program expenditure quotas, and improved budgetary management of program expenditures. We launched a campaign to rectify the abuse of funds earmarked for agriculture, farmers, and rural areas, investigated relevant problems and punished those responsible, released representative cases of financial discipline violations, and further ensured that the management of funds is in line with standards and relevant loopholes are closed. We stepped up financial oversight and implementation supervision to ensure that our fiscal and tax policies were productive in promoting steady growth.