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They estimate that Belt and Road countries will contribute 80 percent of global GDP growth by 2050, up from 68 percent last year, with China's share remaining broadly stable at around 40 percent and that of the rest of Asia doubling to over 30 percent.

During Li's visit, China and the EU are expected to sign several cooperation agreements in trade, logistics, new energy vehicles, education, finance, tourism and SME, said the Chinese Foreign Ministry.

By the end of last year, combined debt of central and local governments in China stood at 27.3 trillion yuan (about 4 trillion U.S. dollars), with a debt-to-GDP ratio at around 36.7 percent, official data showed.

The developmental model of the past was neither sustainable nor fair. This is why a new approach is needed, one which, in the words of Xi, requires "partnerships of dialogue with no confrontation, and of friendship rather than alliance."

Both countries should strengthen links between their economies and cooperate on trade, law enforcement, security, anti-terrorism and combating cyber crime, while developing people-to-people exchanges in tourism, culture and education, Xi said.