"The violating supervisors must be punished to serve as a warning to others and safeguard the normal order in the financial sector," Li said in his speech.

Li also called for further efforts in delegating power, streamlining administration and using the Internet to improve government services.

He asked governments at all levels to promote thrift and continue to cut taxes and fees, calling for better supervision and management of major outbound investment projects.

He stressed the importance of compliance with regulations in public bidding and government purchases, and vowed tough punishment of graft in poverty alleviation, social security, affordable housing and medical insurance.

In 2016, the Party's discipline authorities across the country punished 415,000 people for violating code of conduct or other regulations, and took back more than 1,000 outlaws that fled abroad, according to Li.

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