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As excess capacity has weighed on China's overall economic performance, cutting overcapacity has been high on the reform agenda. In 2016, China completed both its annual targets for coal and steel capacity reduction ahead of schedule.

Susan Shirk, Chair of the 21st Century China Center of University of California, San Diego, noticed that the bilateral cooperation evolved since leaders of the two countries met in April.

Speaking of the financial sector, Xi said those areas that help protect consumers' rights and interests, promote orderly competition, and prevent financial risks should be opened up faster.

China has signed multiple cooperation agreements with countries such as Russia, Germany and France, and organizations including the European Space Agency (ESA) and United Nations Office for Outer Space Affairs, according to China Manned Space Engineering Office.

He urged advancing cooperation in sectors such as trade and investment, monetary and finance, connectivity, sustainable development and innovation.