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Another highlight of the agenda was the EU's new strategy for connecting Europe and Asia. "There is huge potential in trade and business, transport and digital connectivity in particular," Telicka said, urging the EU to strengthen all-round comprehensive collaboration with Asian countries to unleash the potential, especially with China, one of the biggest economies and most important global partners for the EU.

Another important policy will be the pooling of fiscal resources under unified plans. From 2016 to the end of September this year, the 832 poverty-stricken counties have streamlined more than 1.5 trillion yuan of funds, prioritizing and concentrating on the task of poverty alleviation, officials said.

Apart from the piloting of a registration-based IPO system on the ChiNext board, China has rolled out a raft of measures in recent years to make key institutional innovations, including the establishment of a sci-tech innovation board and the reform of the National Equities Exchange and Quotations, or the "new third board."

Another prominent figure who debuted her latest creation at the CSIAF was famous Chinese choreographer Yang Liping. Featuring a combination of Stravinsky's music with oriental colors, Yang's Rite of Spring was a highly anticipated performance that drew a slew of industry insiders from abroad.

Apart from stepping up efforts to analyze, evaluate and supervise financial innovation, regulators must follow the development trends and the level of impact of financial innovation to identify hidden risks in a timely manner and take necessary measures. At the same time, China's regulatory authorities should strengthen communication with their international counterparts to explore ways to improve regulation, shore up weak regulatory links, and continue to focus on the prevention and mitigation of financial risks, she added.