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Xi said leaders of the CMC organs should set an example in carrying forward the glorious tradition of the armed forces and stimulate vigor and innovative vitality in servicemen.

"China has no intention of stimulating exports via competitive devaluation of currencies," he said, adding that China is capable of keeping the yuan's exchange rate basically stable at an appropriate and balanced level.

Saudi Minister of Foreign Affairs Adel al-Jubeir lauded Xi's visit as "historic," saying that the upgrading of the ties and the establishment of the high-level steering committee usher in a new era of the bilateral relations and open up an even broader prospect.

"China will roll out a mix of solutions to help companies in the real economy reduce their costs," said the statement.

The two sides signed a memorandum of understanding on industrial capacity cooperation, agreeing to pursue cooperation under the Belt and Road Initiative, as well as a slew of cooperation deals covering sectors such as energy, communications, environment, culture, aerospace, and science and technology.