To improve the investment environment for foreign investors

Likening investment environment to air, Xi said that only fresh air can attract more investment from the outside.

"China relied mainly on providing favorable policies for foreign investors in the past, but now we will have to rely more on improving the investment environment," he said.

"We will enhance alignment with international economic and trading rules, increase transparency, strengthen property right protection, uphold the rule of law, encourage competition and oppose monopoly," he said.

In March, China established a host of new agencies such as the State Administration for Market Regulation as part of a major readjustment of government institutions.

The purpose of this readjustment was to remove the systematic and institutional obstacles that prevent the market from playing a decisive role in resources allocation, and enable the government to better play its role.

Xi said that China will complete the revision of the negative list on foreign investment in the first half of the year and implement across the board the management system based on pre-establishment national treatment and negative list.