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The country is also phasing out limits on foreign ownership in automotive joint ventures by 2022.

The consultancy forecast that global demand for purpose-built vehicles for mobility on demand will rise to about 1 million cars by 2020. And by 2025 the figure is set to total some 2.5 million new cars.

The country will improve the "pre-establishment national treatment plus negative list" management system for foreign investment, expand the opening-up of the service sector and protect foreign companies' legitimate rights and interests, the document said.

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The cooperative deal was jointly signed by Sutjiadi Lukas, Chairman of Indonesia Association of Toys and Jason Chen, general manager of Guangdong Chaoyu Exhibition Co Ltd, after Lukas announced the opening of a representative office in the Guangdong provincial capital on Thursday.

The country has also set up 25 TCM international cooperation bases in key provinces, municipalities and autonomous regions, said Wang Xiaopin, an official with the SATCM.

The corporation arranged 24 high speed trains transporting 48 tons of cargo every day during last year's Singles Day period, which greatly increased delivery speed and lowered costs.

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The countries agreed to provide fair, effective and nondiscriminatory market access for each other's financial companies in sectors such as banking, insurance and electronic payments.

The countries should also accelerate the feasibility study into a bilateral free trade area and their cross-border economic cooperation, and expand cooperation in various fields, including mineral and major energy projects, infrastructure and connectivity, Xi said.

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The country already has three IP courts－in Beijing, Shanghai and Guangzhou, Guangdong province－to guarantee IP rights and study new problems.

The country has also benefited from the highest jobs growth in decades meaning fewer people were receiving welfare payments.