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Leaders attending the summit agreed that the East Asia Summit has produced remarkable progress since its launch in 2005 and become a major part of the ASEAN-led regional open framework.

Experts said that China's reform and opening-up not only is a milestone in the country's history but also holds global significance.

"With continued reform of government functions, our business environment has visibly improved in recent years, and its global ranking has continuously moved up," Li said, "As many as 18,000 new market entities are now registered on an average day, up from several thousand a few years back. This would not be possible without an enabling business climate. "

Proposed by China in 2013, the initiative refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, aiming at building a trade and infrastructure network connecting Asia with Europe and Africa along the ancient Silk Road trade routes to seek common development and prosperity.

China reiterated its firm support to the Philippine government's efforts in fighting against illicit drugs and drug-related crimes, and expressed willingness to strengthen cooperation in areas including combating the smuggling of illegal drugs and their precursor chemicals, intelligence sharing, joint investigation and operation as well as drug rehabilitation, according to the statement.