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Apart from business innovations, banks are also innovating their mindset and solutions for risk management in free trade zones.

Anti-cancer medicines can help save patients' lives and prices must be reduced, Li said at the executive meetings. "Multiple measures must be adopted for a faster drop in the prices of anti-cancer drugs to give the public a stronger sense of gain," he said.

Apart from economic development, what progress in other fields have you witnessed in China in the past 40 years?

Apart from guiding companies to adopt advanced international standards, the government should take innovative regulatory measures by using big data and cloud computing technologies, he said.

Apart from ramping up efforts to support small businesses, the regulator also highlighted the importance of implementing policies for the further opening-up of China's financial market.