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China is way beyond the point that its economic model should be based on low-wage manufacturing of low value-added consumer goods for export. Its institutions, infrastructure, and technology are now near world-class and are improving rapidly. Plus, wages rose rapidly over the last decade, so Chinese consumers have the wherewithal to support the country's industry.
China is willing to support Sao Tome and Principe to improve the African country's overall development plans, boost cooperation in tourism, fishery and agriculture, and help the country's infrastructure construction, use of human resources and security capacity building, Xi said.
China will continue advancing cooperation with Venezuela in various fields based on the principles of equality, mutual benefits and common development, he added.
China needs to support fundamental research and encourage businesses to undertake fundamental research, Li said, calling for better integrating fundamental research and application of that research to transform research into productivity.
China now has the largest middle-income group in the world, with a population of about 400 million, and it is growing fast.