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The FOCAC Beijing Action Plan (2019-2021) was also adopted at the summit to confirm that China and Africa will comprehensively enhance pragmatic cooperation focusing on the implementation of the eight major initiatives, Xi said.

Both countries should take advantage of the Year of China-Russia Local Cooperation and Exchange program to strengthen planning and coordination, innovate thoughts on cooperation, and tap into their complimentary advantages, so as to usher in a new era of bilateral sub-national cooperation, Xi stressed.

Xi said the unbalanced development between urban and rural areas and among different regions was the biggest challenge of Guangdong's high-quality development.

Apart from policies to reduce taxes and fees unveiled at the beginning of the year, China has announced more policies to support the real economy and technological innovation, which will help reduce enterprises' burden by more than 1.3 trillion yuan (about 188.4 billion U.S. dollars) this year, Liu said.

The Thursday meeting decided that further steps will be taken to create a more enabling environment for entrepreneurship and innovation initiatives.