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To facilitate bilateral investment, China is mulling setting up a three-billion-U.S.dollar investment fund and has proposed to establish a "16+1" multilateral financial firm to expand financing channels and reduce financing cost.

Wu also mentioned that sharing knowledge and experiences on designing and implementing policy framework, technology transfer, technical and institutional capacity building and access to data are the key areas where South-South cooperation is crucial.

"If the government takes concrete and effective action, China can lift 10 million people out of poverty every year from 2016 to 2020," said the president, achieving the 2020 poverty relief target.

"Such an agreement should have legal force," Su said, adding that "the legal instrument should be consistent with principles, provisions, targets and framework of United Nations Framework Convention on Climate Change (UNFCCC)", a treaty which obliges developed countries to take the lead in reducing carbon emissions and providing finance and technology support to developing countries.

As the country highlights the role of entrepreneurship and innovation, it should launch more special campaigns, identify areas to improve IPR protection and enhance supervision, Wang said.