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China's commercial banks are also playing increasingly important roles in promoting bilateral financial cooperation with Singapore. Take the Bank of China for example, as of late July, its Singapore branch has raised an accumulated more than 16 billion U.S. dollars of fund for financing BRI projects.

During Abe's visit, the two sides have signed over 10 inter-governmental cooperation documents involving areas such as politics, innovation, finance, customs and sports.

As close neighbors, Japan and China should push forward bilateral ties on the basis of the principles set in their four political documents and in the spirit of "cooperating in a mutual-beneficial way and never posing a threat to each other," he said.

However, Li admitted that new downward pressure emerged amid complicated domestic and foreign circumstances, and the real economy faced more difficulties, stressing that the problems cannot be underestimated.

A number of reform measures will be rolled out across the country.