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At the ASEAN-China, Japan and ROK leaders' meeting, Li will urge all parties to enhance cooperation in areas such as financial security, trade and investment, agriculture and poverty relief, connectivity, capacity and people-to-people exchanges, Liu said.

By addressing these recommendations, the G20 will create an environment that helps the international business community boost trade and investment, develop new business models, and create new jobs, Jiang said in a speech published on the B20 official website.

"We will continue to reinforce macro-policy dialogue and coordination, work in the spirit of partnership to promote mutual help and win-win cooperation, and focus our minds and energy to pursue strong, sustainable, balanced and inclusive growth," Xi said.

Zhao attributed the default largely to a spike in steel and coal prices this year and local governments' reluctance to cut capacity in order to protect jobs and local economies.

The Belt and Road Initiative should help promote policy coordination, infrastructure connectivity, unimpeded trade, financial integration and mutual understanding among the people, Xi said at a symposium on the initiative held in Beijing.