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ROME, March 23 (Xinhua) -- China and Italy signed here Saturday a memorandum of understanding (MoU) to jointly advance the construction of the Belt and Road during Chinese President Xi Jinping's state visit to the country.

"It is necessary to follow the idea of wide consultations, joint contribution and shared benefits, firmly uphold multilateralism and a multilateral trading system with the World Trade Organization at its core, reject unilateralism and trade protectionism, refine global economic governance, so as to create an enabling external environment for the growth of developing countries."

The People's Bank of China (PBOC), the central bank, owed the rise to the notable increases in issuances of non-financial enterprise debt financing instruments and interbank negotiable certificates of deposits.

For instance, the local government has supported certain industries based on the area's conditions, including apple farming and online selling, to secure effective and sustainable results.

The memorandum aims to encourage and support respective educational departments as well as colleges and universities to conduct exchanges and cooperation.