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China's economy has been transitioning from a phase of rapid growth to a stage of high-quality development, which requires the innovation capacity and competitiveness of the economy.

Xi briefed Trong on the 19th CPC National Congress held in Beijing last month, while Trong introduced to Xi the progress the CPV and his country have made.

The CPC released its eight-point rules on austerity in late 2012 to reduce undesirable work practices.

In order to make strategic plans and provide policy guidance on fintech development, the country's central bank set up a fintech committee earlier this year to enhance research, planning and coordination in the field.

Chinese companies have the advantage of market model innovation, while their European partners lead in industrial manufacturing technologies, according to Liu Chang from the European Union Chamber of Commerce in China. "Those advantages are also the direction for cooperation by the two sides," said Liu.