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China is ready to further friendly and pragmatic cooperation with the countries in a bid to achieve common prosperity, according to Xi.

The ceremony was held with the presence of Chinese Ambassador to Hungary Duan Jielong and Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto.

"Given the profound changes in the global energy sector and a burgeoning technological revolution, China, as a major energy producer and consumer, must seize the opportunity [...] to optimize our energy structure and fix weak areas, including restrictions of resources and the environment, low quality and efficiency, poor infrastructure, and a lack of core technology," Li said.

China will promote intensive agricultural development to help reduce poverty and facilitate urbanization to benefit ordinary rural households, Xi added.

Analysts believe that the RCEP will become the main path toward the final realization of a free trade area of the Asia-Pacific.