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For his part, Shorten hailed as a miracle China's development achievement, which lifted the country from poverty to prosperity and brought a closed and backward economy onto the track of becoming a global economic power.

Li and Renzi will also meet business leaders from both countries and attend a conference of the China-Italy innovation week.

Meanwhile, the Chinese premier stressed that to promote trade liberation and investment facilitation is the right remedy for coping with the downward pressure as the world economic recovery is still sluggish.

Singapore's actual investments in Zhejiang, a coastal province in eastern China, reached 322 million U.S. dollars in the first nine months of this year, according to the Department of Commerce of the Zhejiang provincial government. As of October, the cumulative actual investments amounted to 4.14 billion U.S. dollars in 1,063 projects.

China will make "more powerful efforts after 2020" to make its "due contribution" to alleviating global warming, he said.