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"We also stand to gain from China's stellar experience in bringing more than 600 million people out of poverty over three decades and the experience with its urban social safety nets program--the Dibao," he said.

"If everything goes well, this could be turned into something regular, and that could, to a great extent, help resolve a lot of issues between the two sides," he said.

There will be more official moves to upgrade the economy into a global manufacturing power, cultivate strategic industries and modernize the agricultural and service sectors. The government will intervene less in price formation, deregulating pricing products and services in competitive sectors.

The Steppe Road plan is an infrastructure construction proposal aimed at boosting the Mongolian economy through trans-border transportation.

The visit will contribute positively to the deepening of practical cooperation between the two navies and to the alleviation of tensions in the South China Sea as well as safeguarding regional peace and stability, he said.