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China will also increase efforts in improving legal framework, credit mechanism and talent development for the financial sector to help Chinese economy expand steadily, Premier Li said.

The Belt and Road Initiative -- or the Silk Road Economic Belt and the 21st Century Maritime Silk Road -- was proposed by Chinese leadership in 2013 to build trade and infrastructure links along ancient overland and maritime Silk Road routes, connecting countries in Asia, Europe, Africa, and Oceania.

The Chinese president called on both sides to synergize "Made in China 2025" and Germany's "Industry 4.0" so as to unleash potential for innovation when the two nations' manufacturing strengths are combined with the Internet, said Wang.

However, the region might face another onslaught soon. According to Guangdong provincial meteorological bureau, a new typhoon has formed and was spotted in the Pacific some 620 km east of the Philippines capital Manila as of 8 p.m. Thursday.

China has a four-tier color-coded weather warning system, with red the most severe, followed by orange, yellow and blue.