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China is willing to work with Hungary to dock their development strategies, identify converging points of interests to facilitate mutually beneficial cooperation, open up new areas of practical cooperation and people-to-people exchanges, and jointly push for achieving new outcomes of 16+1 cooperation, he said.

"The positive spillover of our supply-side structural reform is being felt across the world. Indeed, this is a reform that we must continue and see through," he added.

China is ready to work with France to maintain close high-level exchanges, consolidate political mutual trust, enhance pragmatic cooperation and deepen cultural exchanges, he said.

Majed Almesmar, Deputy Director General of the Telecommunications Regulatory Authority of the United Arab Emirates said the proposal could help their digital reform and transformation as well as deal with challenges in the new area of big data and cloud computing.

The global financial crisis showed that traditional economic indicators, like GDP growth and the inflation rate, were not necessarily linked with financial stability.