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The maximum value of the swap was set at 350 billion yuan (around 50 billion U.S. dollars) to 40 billion pounds, valid for three years and can be further extended, according to a statement by the People's Bank of China (PBOC).

The president hailed the time-honored history of friendly exchanges between the two countries, the outstanding examples of Eastern and Western civilizations.

During his stay in the PNG capital of Port Moresby, Xi is also scheduled to meet with leaders of eight Pacific island countries which have diplomatic ties with China.

Six years ago, when Xi was elected general secretary of the Communist Party of China (CPC) Central Committee, reform entered what many people call a "deep-water" zone. The CPC faced arduous challenges in reform, some foreign media claimed.

China will continue to significantly expand market access, strengthen IPR protection, and do more to increase imports. Since the beginning of this year, China has announced a host of new measures for further opening-up, which include the following: creating a more attractive investment and business environment, significantly lowering the tariffs for 1,449 consumer goods and 1,585 industrial goods, further cutting the tariffs for automobiles and auto parts to 13.8 percent and 6 percent respectively, and eliminating tariffs on all imported anti-cancer drugs. With a new round of tariff cuts coming into effect on 1 November, China's overall tariff rates have been reduced to 7.5 percent, lower than the majority of developing countries and beyond the commitment China made upon its accession to the WTO. China has released a new negative list on foreign investment, and will further open up finance, automobiles, aircraft, ships and other sectors. According to a recent World Bank report, China has moved up over 30 places in the ease of doing business ranking over the past year and is among the economies with the most significant improvement. China views all companies, both Chinese and foreign, as equals. China welcomes and encourages fair competition among them, and will fully protect their legitimate rights and interests.