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"China's financial services sector ... is going to further open up," he said.

"China's impressive economic development and Israel's innovative technologies are complementary to each other and present vast potential for mutual benefits," said Ophir Gore, head of the Trade and Investment Mission at the Embassy of Israel in Beijing.

"China's imports of US medical care and high-tech products are likely to surpass that of energy and agricultural products in terms of both value and variety," he said.

"China stands ready to work with Kiribati at the opportunity of this visit to strengthen pragmatic cooperation and friendly exchanges with Kiribati on the basis of equality and mutual respect, to better benefit the people of both countries," Foreign Ministry spokesman Geng Shuang told reporters at a news conference in Beijing.

"China's support, via its companies and credit lines, led to an agreement between the two countries. It has been one of the main drivers of all this transformation," said Fiad.