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"The move will raise the international competitiveness of Chinese products, especially equipment products, boost structural upgrading of foreign trade and push manufacturing and financial sectors to a medium-high level," the document showed.

For his part, Obama said he was looking forward to attending the APEC meeting and visiting China, which shares with his country the most important bilateral relationship of the 21st century.

China and Italy have reached consensus on strengthening cooperation in five prioritized areas, ranging from energy conservation and environmental protection, to food security and aviation and space, says the document.

Speaking at the 10th Asia-Europe Meeting (ASEM) Summit here, he noted that since the establishment of the ASEM 18 years ago, its members have been deepening political dialogue and broadening cooperation, which has led to the emergence of a Eurasian community of shared destiny.

"Our mutual political trust has remained solid," he said.