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"Many countries could only dream of achieving growth rates that China has and is likely to achieve, which also reflects positively on the reforms that Chinese policymakers have undertaken," said James Daniel, the IMF mission chief for China.

"The new model upgrades traditional equipment manufacturing and will create enormous industrial demand," Li said, adding that it should be promoted in the "Made in China 2025" program.

The Australian prime minister called on business and political leaders alike to do more to contribute to constructive public dialogue on key issues such as trade and investment in order to rebuild this trust.

Moreover, Xi said anti-corruption campaign must be intensified to purify the troops' work style.

Past realities teach us that merely relying on fiscal and monetary policies does not work for the world economy, Xi said, adding that the world should pursue innovation-driven economy and create a new round of growth and prosperity.