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"We have paid reciprocal visits, met on multiple occasions, and reached many important consensuses over the past three years, which acted as a guidance to the positive development momentum of bilateral ties," Xi said.

The meeting also adopted measures of stamp duty relief for books of account starting from May 1, 2018.

As a new member, India is ready to play an active role in the SCO, and supports China in making the Qingdao summit a success, Modi noted.

Wang said China firmly safeguard multilateralism and international agreements.

With lower tariffs, the value-added taxes and consumption taxes on auto imports will decrease accordingly.