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China is still facing an unbalanced industrial structure, weak innovation and financial risks.

Promoting collaboration with southern European countries like Spain and Portugal can assist China in fostering a more comprehensive and dynamic cooperation with Europe, said Cui Hongjian, head of the Department for European Studies at the China Institute of International Studies.

"China and the Philippines are close neighbors separated by a narrow strip of water. The two peoples are enjoying a long history of friendship. Just as President Xi points out in his article that China and the Philippines are very close to each other in terms of geographical location, ancestral ties and cultural backgrounds," Chua said.

The Chinese government places high importance on developing cross-border e-commerce and other new forms of trade. Premier Li underlined the need to promote new forms of industry including cross-border e-commerce and adopt a new approach of prudent, accommodative and effective regulation in the government work reports in four consecutive years.

The Nepali side in the meeting comprised of senior officials of the ministries and relevant agencies responsible for implementation of the Nepal-China programs and projects while the Chinese side included senior officials of the Embassy of China and project implementing agencies.