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Xi visited the Yantai base of CIMC Raffles and inspected submerged oil drilling platform and other marine engineering equipment manufactured by the firm.

O'Neill also laid a wreath at the Monument to the People's Heroes at the Tian'anmen Square in Beijing Thursday.

"Governments should substantially reduce their role in direct resources allocation and channel more energy into macro regulation, public services, market supervision, social management, and environmental protection," said Yang Weimin, deputy head of the Office of the Central Commission for Financial and Economic Affairs.

The Chinese market will be highly competitive, he said, adding that nations longing for the market have to improve the competitiveness of their products and service, so as to attract the Chinese people.

Xi pointed out that the relations between the two countries maintain a good momentum of development, and consensuses of the two leaders have been gradually implemented.