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"History and reality have proved that China and the U.S. will benefit from cooperation, but be hurt by confrontation," Hong said, adding the two countries are expected to strengthen coordination and avoid rivalry to benefit themselves and the whole world.

For instance, the Ministry of Culture and two public institutions embezzled 104 million yuan (17 mln U.S. dollars) and spent 30 percent of it on gifts and giving out allowances. The eight state-owned banks, including the ICBC, were found to have lent 375 billion yuan to companies barred from gaining such loans.

Wang said that China will continue to step up dialogue, communication and coordination with countries of the Association of Southeast Asian Nations (ASEAN) in the defense and security areas and support the development of the ASEAN Community.

The premier said local governments should solicit more social capital to fund the construction of infrastructures in counties where these facilities are usually poor and in want of renovation.

With the theme In Pursuit of Common Security: Peace, Mutual Trust and Responsibility, the forum discussed security issues in the Asian-Pacific region, the Middle East and Central Asia, as well as nuclear nonproliferation. With about 500 participants, the forum concluded on Sunday.