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He underlined the important role that the private economy plays in pushing the development of the socialist market economy, promoting the supply-side structural reform, seeking high-quality development and building a modernized economy.

Secondly, Xi urged the G20 to forge strong partnership and step up macro-policy coordination.

Financial institutions will be encouraged to make their lending businesses to micro and small firms part of the internal performance evaluation, and allocate corresponding incentive rewards.

For his part, WB President Jim Yong Kim said China has been persistent in opening up despite some domestic pains, which included the hardship of workers in state enterprises which were no longer competitive and for farmers who faced lower market prices.

China stands ready to work with Russia to be committed to upholding the basic principles and spirit of the World Trade Organization (WTO) and safeguarding free trade and multilateralism, Li said, adding that China will synergize the Belt and Road Initiative and the Eurasian Economic Union.