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Faced with a challenge of turning the economy into new directions, Gates said China had great talent to achieve its goal.

"VAT reform is an important part of China's fiscal and tax reform. Pilot VAT reform has achieved positive results and expanding it across all industries will reduce tax burdens on enterprises, boost the upgrade of industry and stimulate consumption," according to a statement issued on Monday following a symposium chaired by Premier Li on Friday.

China and Saudi Arabia are also expanding the cooperation, with numerous cooperation projects being undertaken in infrastructure, investment, labor and agriculture. The light rail line constructed by a Chinese company in the sacred city of Mecca provides convenient travel services to Muslim pilgrims from around the world. Chinese companies have provided good telecommunication services for the pilgrimage for many years. Our scientific and research institutes successfully completed the genetic map for date palms, leading to increased yields, better strains and stronger capacity of pest resistance.

Xi announced loan programs in support of development in the Middle East, including 15 billion dollars of exclusive loans, 10 billion dollars of commercial lending and 10 billion dollars of concessional loans, as well as joint investment funds worth a total of 20 billion dollars.

During a little over three years, the CPC Central Committee, led by Xi, has focused on the continued reform and opening up which are crucial to the great rejuvenation of the nation.