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From 2012 to the first half of 2015, the measure has resulted in tax savings of over 484.8 billion yuan (75 billion U.S. dollars) for enterprises, accounting for 0.2 percent of GDP in the period, according to an earlier report by China International Capital Corp. Ltd. (CICC), the country's first joint venture investment bank.

China and Saudi Arabia enjoy increasingly close people-to-people exchanges. The Silk Road Treasure Boat Pavilion built by Saudi Arabia for the 2010 World Expo in Shanghai was one of its most popular pavilions, and it still attracts numerous visitors today. In 2013, China attended the Jenadrivah Heritage and Culture Festival in Saudi Arabia as the country of honor, enabling Saudi visitors to intimately learn about a dynamic and innovative China that enjoys both a traditional cultural heritage and success of modern development.

Iraq is facing the pressing task of rebuilding its economy and improving people's livelihood, he said, noting that Iraq was willing to enhance long-term cooperation with China in areas of infrastructure building, oil, electric power and telecommunication.

Mahmoud Allam, former Egyptian ambassador to China, said Xi's visit is "a strong message" that the Chinese leadership attaches great importance to Arab-Chinese ties.

However, statistics show potential risks are looming as the debt ratio of some provincial governments has surpassed the level of 100 percent.