The two sides agreed to allow Chinese capital to invest in Italy's public facilities, logistics, infrastructure, services, and the protection of Italy's arts and cultural heritage.

The two sides will strengthen cooperation in intellectual property protection to fight against fake goods.

China and Italy agree to boost cooperation

'Made in Italy' push going eastward

With regard to financial cooperation, the action plan said China and Italy agreed to provide assistance for the integration of financial operators and trade, investment and credit institutions, and to provide facilities for each other to set up bank branches.

Renzi told the press that Italy will cut down the visa processing time for Chinese tourists to 36 hours. Li said China will support and participate in Italy's Milan Expo in 2015.

The two sides also agreed to promote technological and innovation cooperation through various governmental mechanisms and organizations.

"China is ready to work with Italy to handle bilateral ties from a strategic and long-term point of view and push forward the ties to a new high," Li said.

Renzi said Italy will join China to implement the action plan and expand cooperation in all areas to further promote relations.

Renzi also welcomed Li to visit Italy and attend the 10th Asia-Europe Meeting Summit in Milan in the second half of the year.

Li said China will support the summit. He said he hoped the meeting can achieve results in planning Asia-Europe comprehensive cooperation, strengthening Asia-Europe inter-communication, and building up an Asia-Europe big market.

During the talks, the two prime ministers also discussed the China-Europe relations.