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Reforms to invigorate state-owned enterprises (SOEs) also saw progress. After prudent research and review, a guideline was released in September to further modernize SOEs, enhance state asset management, promote mixed ownership and prevent the erosion of state assets.

"Nansha Islands have been China's territory since ancient times," Hua said, adding China has been working to make South China Sea a place of peace, friendship and cooperation.

12. Heads of Governments note the importance of continuing mutually beneficial multi-dimensional cooperation in the sphere of energy, which includes the field of renewable and alternative energy sources.

So far, over 80 countries in the world have recognized China's status as a market economy, and the Chinese yuan has been included into the Special Drawing Rights basket of the International Monetary Fund as an international reserve currency, in a strong show of international endorsement of China's market economy reform.

Mahmoud Allam, former Egyptian ambassador to China, admitted that many of the deep-rooted problems the Arab world is grappling with have been the result of failures to achieve a successful development model, saying development is no doubt the most viable path of mobilizing people toward achieving their common interests and overcoming disagreements.