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Xi and Merkel agreed to step up bilateral cooperation within the framework of the Belt and Road Initiative so as to share the enormous market opportunities brought about by inter-connectivity between Asia and Europe.

He added that the Chinese delegation will be informed about the latest progress in several Kuwaiti development projects, while "looking into ways to provide Chinese expertise and experience."

To encourage innovation, intellectual property rights will see better protection and producers and sellers of counterfeit and shoddy products will face tougher penalties, Li said.

The accounting firm believes China is leading the world in the widespread application of fintech, with new technological and business models sprouting at an uNPRecedented pace.

They recognized the support of ASEAN member countries, noted the progress made by China and ASEAN in crafting the framework of a Code of Conduct in the South China Sea.