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According to the country's 12th five-year plan, China will increase its quantity of affordable housing so that it covers 20 percent of all residential areas by 2015 through construction of 36 million affordable housing units, including renovation of run-down neighborhoods.

China has started to make investment preparations in Budapest to boost food trade and several more agreements are expected to be signed soon. For Hungarian businessmen, the reform policy announced by China is encouraging, the newspaper said.

Themed "deepening pragmatic cooperation and promote common prosperity", the forum features eight main seminars on cultural heritage, ecological safety, economic growth, education, energy development, financial cooperation, new technology and tourism development.

The pledge came out of the talks between Chinese President Xi Jinping and Venezuelan President Nicolas Maduro at the Great Hall of the People on Sunday.

"The South China Sea issue should not and is not able to affect the overall relationship between China and ASEAN," he said.