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Wang cited infrastructure as another area, saying Chinese enterprises are skilled in oilfield exploration and infrastructure construction, in which Kuwait requires plenty of outsourcing for its projects.

Wang said more emphasis will be put into the deployment of overseas warehouses and enhancing its logistics prowess. This is achieved through a tie-up with sister company Cainiao Network, whose footprint is in over 224 countries and regions.

Wang hoped that Pakistan will take effective measures to provide security guarantees for the cooperation and exchanges between the two countries.

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Wang added that the decline of the potential economic output level shrank the tax base, which may increase debt defaults. Financial risks also come from low interest rates, soaring asset prices and the expanding balance sheets of major central banks.

Wang Liming came to inquire about the Audi A6L during his lunch break.

Wang said Chinese economy has turned from high-speed development to realizing high-quality progress, and he hoped the members can continue to actively participate in and witness China's economic construction, and contribute to China's communication and cooperation with other countries in various areas.

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Wang said China is pursuing high-quality development of its Belt and Road Initiative and the EU is speeding up the implementation of its strategy on connecting Europe and Asia. "By increasing the link-ups between these endeavors, we will break new ground and unlock new potential for cooperation," he said.

Wang Xu contributed to this story.

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Wang called for preventing and defusing financial risks related to speculative activities, financial bubbles and Ponzi schemes, and strengthening financial regulations during the process as China accelerates the establishment of the new development paradigm.

Wang Yong, Chinese State Councilor attends the opening ceremony of the Boao Forum for Asia Seoul Conference at the Shilla Hotel in Seoul, on Nov 20, 2018. [Photo/IC]