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Instead of expanding the deficit and relaxing the monetary policy, China will roll out measures focusing on the market, said Li.

In a joint communique issued by the two countries, Beijing and Rome agreed that the BRI boasts huge potential in promoting infrastructure connectivity.

The report was based on the investigation led by three National People's Congress (NPC) Standing Committee vice chairpersons into poverty alleviation efforts in 16 provinces and regions last year.

Flourishing BRI cooperation has over the years helped nurture faster trade and investment flows, allowed for easier financial access, and created more extensive people-to-people exchanges across Asia, Europe, Africa and beyond.

Over the past year, China lowered import tariffs for an array of products, allowed foreign investors easier access to the Chinese market and strengthened the protection of IPRs. The landmark Foreign Investment Law was passed by the national legislature early this year. Foreign investors in China will have a better legal environment when doing business.