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It should strengthen international exchanges to serve the strategy of the Belt and Road Initiative and help create a favorable external environment for China's development, he said.

The instruction identified the key areas that needed attention, such as hospitals should be prevented from being "financed by drug sales", the medical insurance payment system must be improved, private entities should be encouraged to set up healthcare businesses, and a multi-tiered diagnosis and treatment system for patients should be established.

Modi said both yoga and taiji could help people make a balance between body, spirit and wisdom, while relaxing. Young people from the two countries conducting exchanges through the practise of yoga and taiji will promote their mutual understanding and better serve the development of bilateral ties.

A line of credit worth 20 billion U.S. dollars has been established to fund infrastructure projects in Latin America. The China-Latin America Cooperation Fund is also in place to pump 50 billion dollars into joint agricultural projects between the two regions.

Global economic governance has witnessed the rise of competitive bilateralism since the financial crisis, leaving many minor players powerless in voicing their demands.