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Mao Xuxin, principal economist at the National Institute of Economic and Social Research, a London-based economic think tank, said the proposals "set a practical blueprint for China's economic growth and social development in the coming years."

(Xinhua reporters Feng Junwei in Madrid and Pan Geping in Brussels also contributed to the story.)

The statement also said both American companies will take part in TikTok's global pre-IPO financing round in which they can take up to 20 percent cumulative stake in the company. A business insider familiar with the deal told Xinhua that TikTok had a plan to finish IPO in the U.S. market in one year if possible.

Calling education a fundamental task of the country and the Party, Xi said priority should be given to the development of education during the 14th Five-Year Plan period, with efforts to cultivate talent for the Party and the country and to manage education to the satisfaction of the people.