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China and Britain have led the way in a number of areas in terms of bilateral relations, said Xi, labeling Britain as the first major Western country to recognize new born People's Republic of China (PRC) and the first European Union (EU) member to establish a comprehensive strategic partnership with China.

Financial cooperation has been a highlight in China-Britain cooperation. London has become one of the most dynamic and most important RMB trading centers and offshore RMB markets. It can leverage its unique strengths to get actively involved in the modernization and globalization of China's financial market.

-- The two sides should maintain close exchanges and communication at all levels. Major bilateral mechanisms like the Strategic and Economic Dialogue and the High-Level Consultation on People-to-People Exchange should be brought into full play.

In a speech delivered at the UN headquarters on Monday, Chinese President Xi Jinping announced several initiatives to back the efforts of the United Nations, including the creation of the aforementioned fund and a dedication of 8,000 Chinese troops to UN peacekeeping missions.

Two weeks after he took office, Xi defined the phrase the "Chinese Dream" as the great national renewal, and the influence this philosophy would have on governance.