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"By making joint efforts, we will build a more closely knit China-ASEAN community of shared destiny so as to bring more benefits to both China and ASEAN and to the people in the region," he said.

The zone is expected to help Shanghai to cut costs of trade, improve efficiency and promote financial services.

The reforms will in theory break China's "reliance on investment" and allow the hard working Chinese people to enjoy more of what they produce, said the British newspaper.

The meeting studied problems in the implementation of the policies, saying that the foundation for economic rebound is not stable yet, deep conflicts are still outstanding and more risks and challenges will exist in future development.

For his part, HCM City's party chief expressed his delight at the fine development in relations between the two countries and parties of Vietnam and China, which is manifested through regular exchange of high-ranking visits by leaders of both sides.