Peng Liyuan (C), wife of China's President Xi Jinping (L), baptizes the tulip Cathay on the second day of their state visit to the Netherlands March 23, 2014. [Photo/Lan Hongguang Xinhua]

A newly cultivated variety of tulip was named "Cathay" in the Netherlands on Sunday by Peng Liyuan, who is visiting the country with her husband President Xi Jinping.

After Peng poured champagne to bless the tulip, Dutch Queen Maxima offered it as a gift to China's first lady. Cathay is the old name of China in Holland, and is translated as guotai, meaning "prosperous country".

And prosperity is exactly what leaders of both countries are hoping for.