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The Chinese and Philippine sides welcomed the signing of the Memorandum of Understanding (MoU) on Cooperation on the Belt and Road Initiative, according to the document.

The meeting urged on hitting the target of lower lending rate for micro and small firms. Major commercial banks were called upon to work hard to cut their average lending rate by one percentage point in the fourth quarter comparing with the first quarter, and the unnecessary procedures and surcharges in financing will be removed. The meeting also called for effective measures to prevent credit risks.

Xi said he believed the compatriots of Macao would seize the opportunities, expand the space of development and foster new drivers of growth by integrating the SAR's own development into the development of the country, and greet the 20th anniversary of Macao's return to the motherland with new achievements.

"The crime rate has substantially declined in the Gulf of Aden since China actively shouldered peacekeeping and stability maintaining missions in the area," Liang said.

He proposed that two sides expand cooperation in finance, investment, aviation, automobile and new energy, advance the implementation of more cooperation projects, and explore third-party markets to achieve benefits for all.