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The reform, concerning the vital interests of hundreds of millions of farmers and the overall situation of social stability, requires long-term exploration to establish a new institutional framework, Hu noted.

China's growth, given its role in the region, "is having positive spillovers, for the region and for commodity prices and for, broadly, participants in the global value chains that China is a big part of," Jonathan D. Ostry, acting director of the IMF's Asia and Pacific Department, said during a virtual news conference in October following the release of the IMF's Regional Economic Outlook.

Meanwhile, the Chinese president underlined that China aims to foster, over time, a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other, Wang said, adding that these statements reflected China's openness and readiness to share its huge market with the rest of the world, and projected its image as a responsible country promoting win-win cooperation through real actions.

According to a recent report from the World Bank, China's economy is expected to grow by 2 percent in 2020, up from the 1-percent growth projection released in June.

Avtandil Otinashvili, chief editor of Georgian Newsday Information Agency, said that Xi's speech fully shows China's sincere desire to promote mutually beneficial and win-win international cooperation.