In addition, both sides agreed to accelerate the integration of BRI and Mongolia's Prairie Road development initiative, and work out specific plans.
The two countries have agreed to launch a joint feasibility study on a free trade agreement (FTA) next month, and speed up building a cross-border economic cooperation zone.
Both sides also agreed to deepen pragmatic and mutually beneficial cooperation and achieve a 10-billion-U.S.-dollar target for bilateral trade by 2020.
Wang said the plan to build a waste water processing plant in Ulan Bator was progressing and joint efforts were being made to start the construction within this year. Also, the China-funded project to renovate Mongolia's shantytowns had entered the initiation phase with construction expected to start next year.
Wang said China will consider Mongolia's call for more export of animal husbandry products and mineral products to China, and continue to provide support for Mongolia in cross-border transportation and access to the sea.
In 2019, Mongolia and China will celebrate the 70th anniversary of the establishment of diplomatic relations. The two sides will carry out exchanges among youths and in culture, education, science and technology, Wang said.
Both countries agreed to strengthen China-Mongolia-Russia cooperation, accelerate the construction of the China-Mongolia-Russia economic corridor, and commit to the revitalization and development of the region.
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