China stands ready to strengthen cooperation with Nepal in infrastructure connectivity, post-disaster reconstruction, trade and investment under the framework of the Belt and Road Initiative, President Xi Jinping said Wednesday.

Xi made the remarks while meeting with Nepal's Prime Minister K.P. Sharma Oli.

"China and Nepal are friendly neighbors sharing weal and woe," Xi said. "Since the establishment of diplomatic ties between China and Nepal, the two countries have always carried out mutually beneficial cooperation on the basis of the 'Five Principles of Peaceful Coexistence.'"

Xi said China appreciates Nepal's firm adherence to the one-China policy and will, as always, support Nepal's efforts to safeguard national independence, sovereignty and territorial integrity and support Nepal's independent choice of social system and development path suited to its national conditions.

He expressed hope that Nepal would achieve its development goals at an early date.

China-Nepal relations are facing new opportunities for development, said the president, noting that the two sides should maintain close high-level exchanges, strengthen strategic communications, continue to adhere to the Five Principles of Peaceful Coexistence, respect and accommodate each other's core interests and concerns, and consolidate the political foundation of their relations.

China is willing to work with Nepal to build an all-round and mutually beneficial pattern for cooperation, Xi said.

He said the two sides should strengthen cultural exchanges and create new highlights in Sino-Nepalese humanities cooperation to build a solid foundation for bilateral friendship.

He also called for strengthened cooperation on law enforcement capacity-building, so that the two countries could jointly fight against transnational crimes and safeguard their common security.

"China and Nepal should strengthen communication and coordination on major international issues," Xi said.

Oli said Nepal and China enjoyed a time-honored friendship and their relationship served as a model for relations between countries with different systems and sizes.

Nepal admires China's development achievements and highly appraises China's important and positive role in international affairs as well as China's neighborhood diplomacy featuring amity, sincerity, mutual benefit and inclusiveness, Oli said.

He thanked China for its support to Nepal's national transformation and development, saying that Nepal firmly adheres to the one-China policy and will never allow any forces to engage in any anti-China activities on Nepalese territory.

Nepal is willing to expand cooperation with China under the new situation, Oli said, adding the Nepalese side highly values President Xi's proposition on building a community of shared future for mankind and is willing to actively participate in the Belt and Road construction.

Nepal China Signed Eight Agreements

Before their meeting, China and Nepal signed eight agreements worth $2.4 billion.

The agreements, signed in a ceremony at the Nepal Embassy here in Oli's presence, were reached between the two governments and private sectors where Chinese investors will put money on developing hydroelectricity, water resources, cement factories and fruit cultivation and farming. During their meeting, Xi and Oli discussed ways and means to further expanding bilateral cooperation in various fields including through cross border railway connectivity..

Oli, on his part, said that Nepal admired China's development achievements, highly valued its positive role in international affairs and thanked China for its support for the country's development transformation. Nepal highly valued Xi's proposal of building a community with shared future for mankind and was willing to actively participate in the BRI, Oli said.

A pact for co-operation between Nepal Electricity Authority and State Grid Corp of China for a feasibility study of Nepal-China Cross-border Power Grid Interconnection Project was also signed. According to it, the two sides will carry out the feasibility study of 400 kV Kerung-Rasuwagadhi-Galchhi-Ratmate transmission line.

The Nepali Prime Minister also inaugurated the 2018 Nepal-China Business Forum' jointly organized by the Embassy of Nepal and China Council for the Promotion of International Trade. Inaugurating the forum, Oli said Nepal had embarked on a path of peace and political stability following the elections under federal set-up last year and expressed his confidence that Chinese entrepreneurs would invest in his country.

Earlier in the day, Oli laid a wreath at the Monument to the People's Heroes at the Tian'anmen Square. He will hold delegation level talks with his Chinese counterpart Li Keqiang on Thursday where additional MoUs are expected to be signed. This is Oli's first official visit to China after returning to power in February and the second foreign trip after India.

(This story has been sourced from a third party syndicated feed, agencies.)