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"The Cultural Revolution was a major detour in the development path of the Party and the nation," it said.

China is ready to expand bilateral cooperation in such areas as agriculture, fisheries, oil refining, mineral exploitation, mechatronics, light industry, textile and processing. China is also willing to help Nigeria solve the bottleneck of infrastructure, professionals and funds in developing industry and modern agriculture, Xi said.

Moreover, the Internet should serve as a new growth driver for the Chinese economy, he said.

In addition, the report said China's regulation on bank deposit insurance runs smoothly. The regulation, effective from May 1 last year, stipulates that customers would be entitled up to 500,000 yuan (about 76,680 U.S. dollars) should their bank suffer insolvency or bankruptcy.

"They could lead to key breakthroughs in our academic research," Hu said.