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During an academic conference in Shanghai on precision health and nutrition on Tuesday, the Shanghai Institute for Biological Sciences at the Chinese Academy of Sciences, Chinese dietary supplements maker By-health, German chemical company BASF and the Netherlands Organization for Applied Scientific Research signaled the start of their collaboration by signing a memorandum of understanding.

Douglas Morton, head of Asia research at Northern Trust Capital Markets, said it is encouraged to see China invest heavily in technology and research to build a knowledge economy through its new era.

Dubai's Multi Commodities Center, the largest free trade zone in the United Arab Emirates, has seen a strong surge in the number of Chinese companies as the Belt and Road Initiative drives new business opportunities.

During Wednesday's meeting, Xi recalled his state visit to the Netherlands and said the consensus reached with the king and the outcomes yielded during the visits have been translated into reality.

Dong said asset requirements for foreign banks to set up branches or to be locally incorporated in the country have been removed. The thresholds were previously billion and billion, respectively.