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It also decided to let the China Development Bank, the largest policy bank in the country, set up a special organization to issue targeted housing financing bonds to other financial institutions in support of shanty-town reconstruction and other infrastructure projects.

It will be much easier to bring in from Europe high-value-added products such as the mechanical and electronic equipment, entire vehicles and parts, as well as medical facilities, said Yu.

Stating that he has recently visited China, Hailemariam highlighted the importance of the exchange of high-level visit between Ethiopia and China to further deepen the existing relations.

He asked for further streamlining of administration and delegating more power to lower levels, as well as building a fair environment for development.

With low-hanging fruit already picked, China must roll out bolder measures in a steady manner so as to rise to the challenges and march forward in the right direction, Xi added.