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"China has started relatively late in the development of commercial endowment insurance and thus lacks enough experience. It is important to learn from advanced experience worldwide, continue to open up our insurance sector, and in this process, develop our own commercial endowment insurance to meet the needs of an aging society," Li said.

She expressed thanks to the Chinese side for its support and help of the German citizens in China, adding that Germany is willing to strengthen cooperation with China in preventing and controlling the epidemic, continue to provide China with medical aid, and do all it can to help China win the fight against the epidemic.

"China proposes to designate 2020 as the year of China-Japan-ROK scientific and technological innovation cooperation," said Li, calling on the three countries to enhance "China-Japan-ROK plus X" cooperation and to achieve common development with more countries.

For China, this is a solid step toward the target of doubling its 2010 GDP by 2020, an important part of the nation's goal of building a moderately prosperous society in all respects for its 1.4 billion population.

Bob Huff, a retired California State Senator and State Senate Republican Leader Emeritus, told Xinhua that the agreement will benefit the two countries who are both heavily dependent on trade.