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As an old friend and true friend, Serbia is glad to see China's great achievements in socialism development and reform and opening-up, Nikolic said, stressing that both sides should firmly support each other on issues of core interests and major concerns.

We will promote in a coordinated way reforms in the fiscal, taxation, finance, investment and other key areas. We have put in place a nation-wide reform to replace business tax with value-added tax. This major effort to cut taxes and lower the tax burden will facilitate the innovative development of modern service industry, SMEs and micro businesses. We will deepen the reform of the financial system, accelerate the improvement of the modern financial regulatory regime and increase the efficiency of financial services in supporting the real economy. We will also intensify reforms in SOEs, rural areas, investment and financing, foster a social credit system and unleash even greater vitality for economic development. The private sector is an important force driving economic development. We will do more to remove obstacles for private businesses, lift unreasonable restrictions on market access and strive to stimulate private investment.

Both Costa and Passos Coelho said that Portuguese political parties would continue to enhance exchanges and cooperation with the CPC and jointly promote mutual political trust between the two countries and friendship between the two peoples.

The initiative's primary planning and layout have completed and it is now stepping into the stage of taking roots and intensive cultivation for sustained development, according to the Chinese president.

In 2013, the government of Aquino III filed a case of arbitration with the Hague-based Permanent Court of Arbitration over territorial disputes between China and the Philippines on the South China Sea, stoking tensions in the South China Sea region.