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"It is in the interests of all sides to strengthen cooperation among emerging markets and developing countries through the BRICS platform, therefore China has proposed the 'BRICS plus' concept based on past experiences," Wang said.

An important goal of building an open economy is to stimulate improvement of domestic institutions and laws for higher efficiency and greater competitive strength in the global market, said the president.

Ren urged the Indian side to give up the illusion of its delaying tactic, as no country should underestimate the Chinese forces' confidence and capability to safeguard peace and their resolve and willpower to defend national sovereignty, security and development interests.

Xi hosted an informal meeting of BRICS (Brazil, Russia, India, China and South Africa) leaders to prepare for the BRICS summit to be held in September in southeast China's Xiamen city.

"If the United States were to liberalize its export barriers against China to the same level as those applicable to Brazil or France, the U.S. trade deficit with China would narrow by up to 24 percent and 34 percent respectively," Chinese Vice Premier Wang Yang quoted an article published by the Carnegie Endowment for International Peace when delivering a speech at a China-U.S. business luncheon on Tuesday in Washington.