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It is vital that lessons are learned about regulatory, commercial and cultural differences while developing projects along the Belt and Road to make sure the demands of both parties are coordinated, Fang added.

China, although a latecomer to the Internet, has made remarkable achievements in the development of Internet networks and services, Xi said, adding that 700 million Chinese netizens use the Internet to study, work, and access public services.

The equipment manufactured by the northeastern provinces will not only be distributed on the domestic market, but the export of these products will be prioritized, too, it said.X Guidance and support should be offered to steer industries from manufacturing to production-based services. The region should also develop the financial sector, modern logistics, as well as tourism and leisure sectors.

"Engagement between our two countries is the single most important thing we can all do," he said, noting that Penn Wharton China center, opened in Beijing last year, is a visible indicator of the Wharton School' s commitment to have strong relations with China.

Local governments should work to create an open and fair business environment and unleash economic vitality through eased approval procedures, the delegating of power to lower levels and improving services, according to the document.