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Governments at all levels should deepen reform to streamline administrative approvals, delegate power to lower levels and improve regulation and services, Li said, adding that they must also improve the business environment and further implement measures to cut taxes and fees on a larger scale.

China needs to reduce people's savings rate from around 25 percent to a lower level by building a sound social safety net, according to Gill.

SINGAPORE, June 2 (Xinhua) -- Chinese State Councilor and Defense Minister Wei Fenghe said here on Sunday that China's construction on its South China Sea islands and reefs is its legitimate right and is purely defensive in nature.

Stressing that China has full confidence in following its path and running its own affairs well, the Chinese president said China will work in the spirit of peaceful co-existence and win-win cooperation with all other countries to build a community with a shared future for mankind and to tirelessly pursue a brighter future of the global economy.

In the face of major shifts in the international situation, China and Turkey should firmly uphold the international system with the United Nations at the core and the international law as the basis, safeguard multilateralism and international fairness and justice, as well as the multilateral trading regime with World Trade Organization at the core, Xi said.