China offers Switzerland $8b QFII quota

He also said the two countries should conduct more law-enforcement cooperation in areas of criminal chasing, recovery of embezzled money and combating transnational crimes.

Sommaruga, on her part, said Switzerland stands ready to further expand mutually beneficial cooperation with China and deepen the friendship between the two peoples.

As the renminbi, also known as yuan, is rapidly gaining traction in international transactions, China has established offshore renminbi markets in Hong Kong and London, among other places.

In July last year, Chinese and Swiss central banks signed a bilateral currency swap agreement worth 150 billion yuan ($24 billion) in a bid to provide liquidity support for bilateral trade and economic cooperation.

Li is attending the WEF meeting in Davos and paying a working visit to Switzerland, his second trip to the Alpine country since he took office in 2013.

This year marks the 65th anniversary of the establishment of diplomatic ties between China and Switzerland.

Switzerland, famous for its precision instruments and pharmaceuticals, was the first among the world's top 20 economies to reach a free trade deal with China.