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"A lot of work needs to be done before the MOUs turned into agreements, such as feasibility studies and negotiations on the terms of cooperation. I am glad to see that many projects are progressing well and we can expect that new mega deals will come out from the MOUs in the near future, during or after the State Visit of President Xi Jinping," he said.

The current China-Mongolia relationship is the "best ever" in history, the joint statement said, stressing that the two sides will unswervingly push forward exchanges and cooperation in various fields.

All these efforts will inject strong impetus into China's economic growth while unleashing demand for the world economy, he said.

China will set up firms in charge of state capital investment and operations either by transferring state equity and budgets to a new company or assigning the tasks to a qualified wholly state-owned enterprise that already exists, according to the guideline.

The MoUs signed today showed the determination of China and the five CEE countries to synergize their development strategies to better facilitate major cooperative projects, said Chen.p Major cooperation projects between China and the CEE countries are moving ahead steadily. The Belgrade bridge over the Danube has been completed and opened to traffic, marking the completion of the first major project undertaken by China in CEE countries.