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Prior to the talks, Li held a welcoming ceremony for Suu Kyi in the north lobby of the Great Hall of the People.

During a news conference a week ago, Lin Nianxiu, vice chairman of the NDRC, announced that a national venture capital fund for emerging industries, totaling 40 billion yuan (6 billion U.S. dollars), is just around the corner.

For his part, Turnbull said Australia welcomes more Chinese firms to invest in the country, and urged the Chinese investors to strengthen cooperation in innovation, and expand bilateral economic relations so as to facilitate even greater development of China-Australia ties.

According to the joint statement on the application of the Code for Unplanned Encounters at Sea (CUES) in the South China Sea issued after the meeting, the two sides recognized that Brunei, Cambodia, Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam and China are members of the Western Pacific Naval Symposium (WPNS) and have adopted the CUES.

Noting that the situation in the South China Sea is moving in a positive direction, Li said that the accomplishments China has achieved with ASEAN nations at Wednesday's meeting are conducive to managing their differences and maintaining peace and stability of the region.