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Between June 1 this year and the end of 2025, earnings of the above-mentioned services will be exempted from value-added tax (VAT), and enjoy a 10 percent deduction in taxable income. Those providing real estate or land for the relevant services will be exempted from deed tax, property tax, urban land use tax and six types of fees including registration fee for real estate.

In the joint declaration, the two sides also explained that Italy would "welcome China's commitments to open-up the financial sector and its implementation of related measures, including allowing foreign business to own up to 51 percent of shares in securities, futures and life insurance joint ventures."

He said China and Ireland should make better use of the China-European Union (EU) cooperation platform to promote people-to-people exchanges and research and development cooperation between scientific institutes, universities and enterprises of the two countries.

Secondly, China will stick to opening-up and all-win approaches, and share development opportunities with various countries, Xi said, adding that China is willing to work with all sides to take the advantage of the Belt and Road international cooperation platform to inject powerful momentum into their common development.

He said it was particularly good for this conference to bring together a very wide range of people, mainly from the developing world, to discuss these kinds of security questions.