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He emphasized that under the strong leadership of the Communist Party of China (CPC), the Chinese people have embarked on a development path suitable to China's national conditions, made great achievements and contributed positively to world peace, stability and development.

Local banks will be encouraged to issue new inclusive small and micro credit loans of nearly 1 trillion yuan, compared to over 300 billion yuan issued last year, the central bank estimated.

China and the EU should serve as two major forces to maintain global peace and stability, Xi said, noting that China is willing to communicate with the European side on major issues.

The process of reforms is far from complete. The advancing supply-side structural reform will inject new impetus to the economy, analysts say.

They agreed to work with China to implement a plan outlining China-Arab relations in the next two years, accelerate Belt and Road cooperation, and deepen cooperation in trade, investment, energy, technology, tourism, and culture to achieve common development.