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The negative list for foreign investment, for instance, has been widely adopted in pilot FTZs to broaden market access. Over the past five years, the negative list has been shortened from 190 to 45 items in Shanghai pilot FTZ.

Noting that the Chinese government requires Chinese enterprises in Ecuador to abide by local laws and regulations and run business fairly in the market, Xi expects the Ecuador side to create a good investment environment and protect their legitimate rights and interests.

Overseas media called Xi "a far-sighted reformer" and "a serious reformer who built a unique path for China's future" whose clear vision for reform "has inspired the nation."

"To foster a more enabling business environment, the primary task is to widen market access, and secondly to properly exercise supervision and oversight," Li said, " The government should leave no regulatory gaps and conduct even-handed oversight, abolish any arbitrary practices in fee collection or inspection, avoid unwarranted interference in business operations and continuously narrow the gap with world-class business environments."

"We must continue going on the right path, deepen practical cooperation, consolidate the material basis of the bilateral ties, expand people-to-people exchanges, cement public support, properly handle the South China Sea issue, stick to the right direction for the development of bilateral ties, and make good neighbors and partners that share the prosperity," Xi told Arroyo and Sotto.