Jin Canrong, an international affairs professor at Renmin University of China, said the program announced on Friday serves as part of China's financial diplomacy, a recent highlight of the nation's foreign policies.

This financial progress is making China's development a driving force to benefit neighbors, and "will further boost connectivity-building and economic integration in the region", Jin said.

China and Thailand also reached a consensus on Friday on the signing of a Memorandum of Understanding on visa exemption for regular travelers between the two nations, Li and Yingluck told reporters.

Visa exemption would facilitate people-to-people and cultural exchanges between the two countries and bring more benefits to their people, Li said.

"There is an old Chinese saying that goes: The more exchanges among relatives, the warmer their relations become," Li added.

Thailand is the first ASEAN country to start such talks with China.

Yang, of Peking University, said Chinese tourists have become big spenders in Thailand and the visa exemption will set a good example for similar negotiations with other ASEAN members.

Li estimated that the number of Chinese tourists to Thailand this year will reach 5 million.

In his speech to parliament, Li said the Chinese movie Lost in Thailand — a conventional comedy about two rival Chinese businessmen and a simple-minded pancake maker — topped the Chinese box office, has been dubbed into Thai and aired in Thailand.

"I am not advertising for the film. I am advertising for the friendship and exchanges between China and Thailand," he said.

Bullet train technology, the power sector and renewable energy projects were also highlighted for cooperation during Li's speech.

He said China will encourage its companies to import 1 million tons of rice from Thailand over the next five years, among other measures, to boost imports of products such as rubber and cassava.

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Wei Tian in Shanghai and Zhao Yanrong in Beijing contributed to this story.