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During the meeting, Li hailed the traditional friendship between China and Cuba.
He highlighted their mutual support on national sovereignty, independence and territorial integrity, and the paths of socialist development suitable to their national conditions as well as their close coordination in international and regional affairs.
The two sides should explore new means of cooperation in politics, economy, people-to-people exchanges and other areas to further advance the bilateral ties in today's new situation, Li said.
For his part, Diaz-Canel said the Communist Party of Cuba and the Cuban government attaches great importance to bilateral ties between the two countries, and the relationship with China is a top priority.
The Cuban side is ready to increase high-level interactions, share the experience of governance and deepen practical cooperation with China in areas including trade, technology, infrastructure, telecommunication, education and tourism. It will also make contributions to the development of relations between Latin America and China.
During the meeting, Li briefed Diaz-Canel on China's current economic situation.
To realize the dream of rejuvenating the Chinese nation, the country needs to ensure its economic development in a sustained and healthy way, Li said.
The Chinese economy is generally stable this year, with the growth rate within a rational range, and China will continue to adopt a proactive fiscal policy and a prudent monetary policy although there are some difficulties, challenges and even risks, said the Chinese premier.
"We are capable of overcoming the difficulties and fulfilling this year's tasks of economic and social development," he added.